Securities Markets

LISTING ACT: MAR

ESMA plans to deliver technical advice to the European Commission by 30 April 2025 arising from its recent consultation on the Listing Act implications, in which, regarding MAR, it invited feedback on:

a non-exhaustive list of the protracted process and the relevant moment of disclosure of the relevant inside information (together with some principles to identify the moment of disclosure for protracted non-listed processes).

• a non-exhaustive list of examples where there is a contrast between the inside information to be delayed and the latest public announcement by the issuer.
• a methodology and preliminary results for identifying trading venues with a significant cross-border dimension, for the purposes of establishing a Cross Market Order Book Mechanism.

CONSULTATION: FOLLOW ON AND GROWTH PROSPECTUSES

The European Commission launched a targeted consultation (203 KB) 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.

UK LISTING RULES: UPDATED FCA HANDBOOK

The Financial Conduct Authority (FCA) has published Handbook Notice 128 (362 KB), which sets out amendments made to the various modules of the FCA Handbook, including references to the UK Corporate Governance Code 2024 and new transitional provisions in relation to the Code.