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United Kingdom

UK and EU corporate weekly: equity capital markets (ESMA Listing Act), Scottish SPA case (Kidd v Lime Rock), and forthcoming UK regulatory milestones including PISCES, AIM and ISSB

Published on: 08 May 2025

Published by a LexisNexis Corporate expert
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Equity capital markets

ESMA releases technical advice as part of Listing Act implementation

The European Securities and Markets Authority (ESMA) has issued technical recommendations to the European Commission to support the effective and smooth roll-out of Directive (EU) 2024/2811 (the Listing Act), setting out detailed guidance on delegated acts to be adopted or amended in relation to the Market Abuse Regulation (EU) 596/2014 (EU MAR) and the Markets in Financial Instruments Directive 2014/65/EU (MiFID II). For EU MAR, the advice pinpoints key junctures for public disclosure in drawn-out processes, explains when deferral of disclosure is barred, and sets out a Cross-Market Order Book Mechanism (CMOB) approach designed to help identify trading venues with material cross-border activity. On MiFID II, it considers the tests for designating multilateral trading facilities, and their segments, as small and medium-sized enterprise (SME) growth markets. See: LNB News 07/05/2025 29...

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