The Listing Act and Its Implications for the Country’s Capital Market

The Listing Act and Its Implications for the Country’s Capital Market

The EU regulatory package known as the “Listing Act” constitutes a key component of the European Union’s capital markets reform, aimed at enhancing the attractiveness of public markets, particularly for small and medium-sized enterprises. The package introduces amendments, inter alia, to Regulation (EU) 2017/1129 of the European Parliament and of the Council on the prospectus, the Market Abuse Regulation (MAR), and the MiFID II Directive. Although these measures are EU-wide in scope, their practical impact on issuers will largely depend on their application and enforcement by supervisory authorities in individual Member States, including Poland.

The article focuses on three key areas:

1. 𝗣𝘂𝗯𝗹𝗶𝗰 𝗢𝗳𝗳𝗲𝗿𝗶𝗻𝗴 𝗥𝗲𝗴𝗶𝗺𝗲 - 𝗞𝗲𝘆 𝗖𝗵𝗮𝗻𝗴𝗲𝘀
The Listing Act aims to revive IPO activity by reducing regulatory and cost barriers, notably through a simplified prospectus regime, potentially improving market accessibility and liquidity, particularly on NewConnect.

2. 𝗖𝗵𝗮𝗻𝗴𝗲𝘀 𝘁𝗼 𝗜𝗻𝘀𝗶𝗱𝗲 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗢𝗯𝗹𝗶𝗴𝗮𝘁𝗶𝗼𝗻s
Amendments to MAR clarify inside information and reduce excessive reporting, increasing legal certainty for issuers. The changes will enter into force 𝐢𝐧 𝐉𝐮𝐧𝐞 𝟐𝟎𝟐𝟔 and are already attracting strong interest, particularly in the context of M&A transactions.

3. 𝗘𝘅𝗽𝗲𝗰𝘁𝗲𝗱 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗻 𝘁𝗵𝗲 𝗣𝗼𝗹𝗶𝘀𝗵 𝗠𝗮𝗿𝗸𝗲𝘁
The key challenge will be supervisory practice, as a cautious approach by Polish institutions may limit the effectiveness of the reforms, despite changes aimed at reducing regulatory intervention and facilitating securities issuance.

The full article is available on CEE Legal Matters.