- an amending regulation amending Regulation (EU) 2017/1129 (the "Prospectus Regulation"), Regulation (EU) 600/2014 ("MiFIR") and Regulation (EU) 596/2014 ("MAR").
- an amending directive amending Directive 2014/65/EU ("MiFID II") and repealing Directive 2001/34/EC (the "Listing Directive").
- a new directive on multiple-vote shares for small and medium-sized enterprises ("SMEs").
In our previous newsletter, we provided an overview of of the key aspects of the proposed new measures as adopted by the European Parliament. The final version of the Listing Act which has been adopted by the Council of the EU remains largely unchanged from that which was adopted by the European Parliament.
The approval of the Listing Act by the Counsil of EU marked the final step in the legislative process. The Listing Act will enter into force 20 days after publication in the EU Official Journal, with certain provisions regarding the Prospectus Regulation and MAR taking effect 15 months later (provisions related to EU Follow-On prospectus and EU Growth Issuance Prospectus) or 18 months later (e.g. the new regime on public disclosure of inside information for protracted processes). Member States will have 18 months to implement changes to MiFID II, and two years to adopt the directive on multiple-vote shares for SMEs.
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