EU Capital markets union: clearing, insolvency and listing package

The new measures are proposed:

• to make EU clearing services more attractive and resilient, supporting the EU’s open strategic autonomy and preserving financial stability;
• to harmonise certain corporate insolvency rules across the EU, making them more efficient and helping promote cross-border investment; and
• to alleviate – through a new Listing Act – the administrative burden for companies of all sizes, in particular small and medium-sized entities, so that they can better access public funding by listing on stock exchanges.

The proposed new Listing Act includes amendments to the Prospectus Regulation and the Market Abuse Regulation.

The proposed amendments to the Prospectus Regulation include:

• More standardized and streamlined prospectus format
• Broadened scope of secondary issuance exemptions
• Mandatory incorporation by reference
• Streamlined and improved convergence of prospectus scrutiny and approval
• Clarification of supplement rules

The proposed amendments to the Market Abuse Regulation include:

• Clarification on market soundings regime
• Disclosure obligations: clarifications on protracted process and delay
• Simplified reporting on share buy-back programs
• Insider lists: only a list of "permanent insiders"
• More proportionate sanctions regime

For more information we refer to the website of the European Commission.