ESMA publishes technical advice as part of Listing Act implementation
The European Securities and Markets Authority (ESMA) has published its technical advice to the European Commission to facilitate the effective implementation of Directive (EU) 2024/2811 (the Listing Act), by advising on the delegated acts to be adopted and amended concerning the Market Abuse Regulation (EU) 596/2014 (EU MAR) and the Markets in Financial Instruments Directive 2014/65/EU (MiFID II). Regarding EU MAR, the advice identifies critical moments for public disclosure during protracted processes, clarifies the circumstances in which delayed disclosure is not permitted, and proposes a methodology under the Cross-Market Order Book Mechanism (CMOB) to pinpoint trading venues with significant cross-border activity. With respect to MiFID II, it examines the criteria for registering multilateral trading facilities and their segments as small and medium-sized enterprise (SME) growth markets.