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ARTICLE · 19 JUNE 2025

ESMA Publishes Final Report On Technical Advice Concerning The Prospectus Regulation

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On October 8, 2024, the EU Council adopted the Listing Act – a regulation amending, among other things, the Prospectus Regulation (EU) 2017/1129.

GermanyCorporate/Commercial Law
Patrick Scholl
Patrick Scholl
Alexei Döhl
Alexei Döhl
Dusan Stojkovic
Dusan Stojkovic
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A) Background

On October 8, 2024, the EU Council adopted the Listing Act – a regulation amending, among other things, the Prospectus Regulation (EU) 2017/1129. Even though the Listing Act went into force on 4 December 2024, the majority of the provisions amending the Prospectus Regulation will actually enter into effect on 5 June 2026. Several such provisions require the adoption of level 2 measures, consisting of technical standards developed by ESMA and adopted by the EU Commission after the related legislative procedure.

On June 6, 2024, ESMA received a request for technical advice from the EU Commission on a range of topics in relation to the Prospectus Regulation. ESMA presented a draft version of its technical advice in its Consultation Paper published on October 28, 2024, followed by the final technical advice in its Final Report published on June 12, 2025.

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