Working group
Listing Act
The Listing Act WG was created to closely monitor the legislative initiative of the European Commission, called “Listing Act”, which aims to simplify the listing requirements, including post-listing, in order to make public capital markets more attractive and facilitate access to capital for SMEs.
The Listing Act proposals concern the main pillars of the EU capital markets legislation, such as the Prospectus Regulation, the Market Abuse Regulation, MiFID II, MiFIR, the Transparency Directive and the Listing Directive.
These legislative proposals may directly impact the capital markets environment in Luxembourg and it is therefore essential to track them and to adopt positions in the interests of the Luxembourg capital markets community.
The main purpose of the Listing Act WG is to analyse the Listing Act legislative proposals and their impact on the EU and Luxembourg capital markets and to monitor their development during the EU legislative process. The WG also provides feedback and participates in consultations related to the texts at the EU and national level. The rich and varied experience of the members of the WG ensures that the analysis takes into account the interests of capital market participants from different sectors.
In addition, the WG also interacts with other entities, associations and state bodies to share, consult and further promote its views on the Listing Act initiative.
In March 2023, the Listing Act WG submitted to the European Commission its feedback on the proposals, which mainly focused on the suggested repeal of the Listing Directive and the proposed amendments to the Prospectus Regulation.
Publications
- Listing Act
A document produced in collaboration with the Market Infrastructures working group. This paper delves into the evolving landscape of dematerialised securities, highlighting key insights and recommendations that are set to shape the future of securities issuance in Luxembourg. As the financial industry continues to embrace digital transformation, this publication provides valuable perspectives on the benefits, challenges, and regulatory framework surrounding dematerialised securities.
On 7 December 2022, the European Commission put forward measures to make public markets more attractive for EU companies and facilitate access to capital for small and medium-sized enterprises. The overall objective is to introduce technical adjustments to the EU rulebook that reduce regulatory compliance costs, streamline the listing process and enhance legal clarity while ensuring an appropriate level of investor protection and market integrity.
LuxCMA sums up some of the main changes under the new prospectus regime applicable as from 21 July 2019.
Interview
3 questions to… Kristina Vojtko
1️⃣ 𝘊𝘢𝘯 𝘺𝘰𝘶 𝘦𝘹𝘱𝘭𝘢𝘪𝘯 𝘸𝘩𝘢𝘵 𝘥𝘦𝘮𝘢𝘵𝘦𝘳𝘪𝘢𝘭𝘪𝘴𝘦𝘥 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘢𝘳𝘦 𝘢𝘯𝘥 𝘸𝘩𝘺 𝘵𝘩𝘦𝘺 𝘢𝘳𝘦 𝘪𝘮𝘱𝘰𝘳𝘵𝘢𝘯𝘵 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘓𝘶𝘹𝘦𝘮𝘣𝘰𝘶𝘳𝘨 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘔𝘢𝘳𝘬𝘦𝘵?
2️⃣ 𝘞𝘩𝘢𝘵 𝘢𝘳𝘦 𝘵𝘩𝘦 𝘮𝘢𝘪𝘯 𝘧𝘪𝘯𝘥𝘪𝘯𝘨𝘴 𝘰𝘳 𝘳𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥𝘢𝘵𝘪𝘰𝘯𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘓𝘶𝘹𝘊𝘔𝘈 𝘱𝘢𝘱𝘦𝘳 𝘰𝘯 𝘵𝘩𝘦 𝘪𝘴𝘴𝘶𝘢𝘯𝘤𝘦 𝘰𝘧 𝘥𝘦𝘮𝘢𝘵𝘦𝘳𝘪𝘢𝘭𝘪𝘴𝘦𝘥 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴?
3️⃣ 𝘏𝘰𝘸 𝘥𝘰𝘦𝘴 𝘵𝘩𝘦 𝘓𝘶𝘹𝘦𝘮𝘣𝘰𝘶𝘳𝘨 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳𝘺 𝘧𝘳𝘢𝘮𝘦𝘸𝘰𝘳𝘬 𝘧𝘢𝘤𝘪𝘭𝘪𝘵𝘢𝘵𝘦 𝘵𝘩𝘦 𝘪𝘴𝘴𝘶𝘢𝘯𝘤𝘦 𝘰𝘧 𝘥𝘦𝘮𝘢𝘵𝘦𝘳𝘪𝘢𝘭𝘪𝘴𝘦𝘥 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘸𝘩𝘢𝘵 𝘧𝘶𝘵𝘶𝘳𝘦 𝘵𝘳𝘦𝘯𝘥𝘴 𝘰𝘳 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵𝘴 𝘴𝘩𝘰𝘶𝘭𝘥 𝘸𝘦 𝘣𝘦 𝘢𝘸𝘢𝘳𝘦 𝘰𝘧?