AFEP position on the European Listing Act

AFEP has finalised its positions on the Regulation amending the Prospectus and Market Abuse Regulations to make public capital markets in the Union more attractive (Listing Act)

Regarding the review of the Prospectus Regulation: 

  • AFEP welcomes the clarifications and simplifications proposed by the Commission, in particular the new exemptions from the requirement to publish a prospectus in the event of the offer and admission of fungible securities with securities already admitted to trading. 
  • The drafting proposed regarding the description of risk factors, the harmonisation of the practices of regulators or the clarification regarding the liability of intermediaries in the event of publication of a supplement are also positive. 
  • AFEP proposes some additional changes with regards to incorporation by reference and the scope of documents that can be incorporated in a prospectus 
  • Finally, AFEP is not in favour of limiting the number of pages of prospectuses or extending the withdrawal period to 3 days

Regarding the review of the Market Abuse Regulation:  

  • AFEP supports the changes proposed regarding the management of inside information in transactions comprising several stages, the replacement of the condition according to which the delayed publication must not mislead the public by a list of conditions or the increase in the exemptions thresholds for declaration of managers’ transactions. 
  • AFEP is not in favour of prior notification to the competent authority of any delay in the publication of inside information or the requirement to establish lists of permanent insiders. 
  • Finally, AFEP proposes additional simplification amendments relating to the number of items to be included in insiders lists as well as the repeal of the requirement to establish a list of closely associated persons. 
AFEP position of the review of the Prospectus Regulation
AFEP position of the review of the MAR Regulation