ESMA Final Report on the Listing Act Technical Advice
Market Abuse
Date:
14 May 2025
On 7 May 2025, ESMA published a Final Report on the Listing Act Technical Advice to the European Commission, in order to support the Listing Act's goals to simplify listing requirements, enhance access to public capital markets for EU companies, and improve market integrity.
In relation to Market Abuse Regulation (MAR), the advice covers:
- Protracted processes, identifying key moments for public disclosure;
- Delayed public disclosure, listing situations where delays are not allowed; and
- Cross-Market Order Book Mechanism (CMOB), indicating the methodology for the identification of trading venues with significant cross-border activity.
The European Commission will adopt the delegated acts, for which the technical advice was requested, by July 2026.