Paris, 15 February 2022
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published its response to the European Commission’s targeted consultation on the Listing Act. The response reflects ESMA’s views on the functioning of the existing regulatory framework for companies’ listing on public markets, particularly in relation to prospectus, corporate governance, transparency, and market abuse rules.
ESMA believes that, while the broad regulatory framework in place regarding listing activities is strong and effective, there is some scope to streamline certain rules and find ways to carefully alleviate certain burdens for issuers, which may in turn reduce costs and enhance incentives for listing. However, strong investor protection should remain a prerequisite in consideration of any such changes.
The letter reflects ESMA’s general views on some of the key aspects of the consultation, while the annex to the letter addresses a selection of specific questions posed by the EC.