At a glance:
- EU Listing Act measures include changes to EU Prospectus Regulation (EUPR).
- December 2024: Some EUPR changes took effect immediately, such as permitting incorporation of future financial information by reference.
- March 2026: Replacements of EU Growth prospectus with EU Growth issuance prospectus, and simplified prospectus for secondary issuances with Follow-on prospectus. New disclosure annexes for both.
- June 2026: Main changes to EUPR and disclosure annexes, including:
- Streamlining disclosure annexes (e.g. combining wholesale and retail, but retaining retail-specific provisions).
- Standardising standalone prospectus format/sequence, stricter for equity and plain vanilla debt than for asset backed or derivative securities.
- Relaxing certain requirements, such as only needing 12 months historical financial information and permitting graphs/tables in summaries.
- New environmental, social or governance (ESG) disclosures annex.
- Streamlining/ standardising procedures for prospectus scrutiny/approval.
- July 2026: Administrative changes relating to machine readability and metadata.
