Securities Markets

LISTING ACT: EU PROSPECTUS REGULATION

The Listing Act package was published in the Official Journal on 14 November 2024 and includes a Regulation amending the EU Prospectus Regulation, the EU Market Abuse Regulation and the EU Markets in Financial Instruments Regulation (the Listing Act Regulation).

The Department of Finance recently consulted on the exercise of the national discretions in relation to the EU Prospectus Regulation as amended by the Listing Act Regulation. The submissions received will be taken into consideration in transposing the Listing Act Regulation into Irish law, which is due to be transposed by 5 June 2026.

ESMA is currently consulting on draft guidelines on supplements which introduce new types of securities to a base prospectus approved under the EU Prospectus Regulation. The consultation closes on 19 May 2025, with final guidelines expected to be published in Q4 2025.

The European Commission has launched a targeted consultation on the reduced content and the standardised format and sequence of the EU follow-on prospectus and the EU growth issuance prospectus. The Consultation closes on 2 May 2025.

T+1 SETTLEMENT CYCLE

ESMA has launched a new governance structure, supporting the transition to the T+1 settlement cycle in the EU. The transition is proposed to commence on 11 October 2027, with phased implementation.

The UK has published its implementation plan to commence T+1 settlement for traded securities, recommending a start date of 11 October 2027 to align with the EU's schedule.

For more on T+1 settlement see our Insights: T+1 Settlement Update: Commission proposes change to CSDR.