Securities Markets

IRISH TRANSPARENCY REGULATIONS: ESAP ALIGNMENT

The European Single Access Point (ESAP) is expected to become operational from July 2027 as a centralised platform for public financial, non-financial, and sustainability-related information on EU companies and financial products. EU listed entities that are already subject to certain EU reporting obligations will be required to provide information to the designated national collection body.

From 10 July 2026, information disclosed under the EU Transparency Directive will be brought within the ESAP framework and the Irish Transparency Regulations have been amended accordingly. The Central Bank will be the collection body under the Irish Transparency Regulations for ESAP purposes.

MULTIPLE-VOTE SHARE STRUCTURES DIRECTIVE

The Department of Enterprise, Tourism and Employment recently consulted on Ireland's approach to the Member State options under the EU Directive on multiple vote share structures in companies that seek admission to trading of their shares on a multilateral trading facility (MVSD). The MVSD, which forms part of the EU Listing Act package, establishes a harmonised framework for multiple-vote share structures, designed to facilitate SME listings by allowing founders or controlling shareholders to retain enhanced voting power while accessing public markets. The MVSD must be transposed into Irish law by 4 December 2026. Arthur Cox LLP submitted a response to the consultation, emphasising the importance of maintaining the flexibility already afforded under Irish law.

MAR: INSIDER LIST FORMAT

As part of the Listing Act amendments to the EU Market Abuse Regulation (MAR) ESMA is mandated to revise the existing implementing technical standards (ITS) on insider lists so that the simplified format currently available to issuers on SME Growth Markets, applies to all issuers. Following consultation earlier this year, ESMA is due to submit final ITS updating the insider list format to the European Commission in Q4 2025.