ESMA publishes statement supporting the smooth implementation of the Listing Act – simplifying prospectus compliance for issuers

https://www.esma.europa.eu/press-news/esma-news/esma-publishes-statement-supporting-smooth-implementation-listing-act
Success
Service Payment Network System 5% Clearing and Settlement Infrastructures 3%
Specialism Regulatory Reporting 5% Supervision 3%
2026-02-18 13:11:09 · adavies@vixio.com
ID
2884284
GUID
34599bdafb6fca70dc39fe2dd19ec180

Classification

Service
Payment Network System (5%)

This update concerns capital markets prospectus disclosure rules and has no connection to payment services, payment institutions, or payment infrastructure.

Clearing and Settlement Infrastructures (3%)

This is a capital markets regulatory update with no relevance to any payments taxonomy category.

Specialism
Regulatory Reporting (5%)

This update concerns securities prospectus disclosure requirements under the EU Listing Act and is entirely outside the scope of payment services regulation, which is the exclusive focus of the Payments Compliance Horizon Scanning taxonomy.

Supervision (3%)

While the content mentions disclosure and transitional guidance, it addresses capital markets issuance prospectuses rather than payment firm regulatory reporting obligations, making this a poor secondary fit as well.

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TITLE: European Securities and Markets Authority Publishes Guidance on Listing Act Prospectus Implementation BODY: On February 18, 2026, the European Securities and Markets Authority (ESMA) issued a statement providing practical guidance to national competent authorities (NCAs), issuers, and their advisors on implementing the revised prospectus framework introduced by the Listing Act. The statement clarifies key transitional provisions to simplify compliance and reduce administrative burden for issuers while maintaining investor protection. ESMA confirms that any registration documents and universal registration documents approved or filed until June 4, 2026 fall within the scope of Article 48a of the transitional regime. This means such documents may continue to be used in prospectuses throughout their validity period without requiring resubmission under the new framework. The guidance also addresses disclosure requirements for EU Follow-on prospectuses and EU Growth issuance prospectuses, providing clarity on what information must be included until the amended Commission Delegated Regulation (EU) 2019/980 takes effect. ESMA's statement forms part of its broader simplification and burden reduction efforts for capital markets participants, particularly smaller issuers accessing EU markets. By providing clear transitional guidance, ESMA aims to ensure a smooth transition to the new prospectus rules without creating compliance gaps or unnecessary duplication. ESMA expects national competent authorities to follow the approach outlined in the statement, enabling issuers and their advisors to rely on its content when preparing prospectuses during the transitional period. The statement is available on ESMA's website. **Reference:** ESMA32-753890202-3066 Statement on the implementation of certain changes to the Prospectus Regulation introduced by the Listing Act
  • ✓ Scraped:2026-02-18 13:11:09
  • ✓ Created:2026-02-18 13:11:09
  • ✓ By:adavies@vixio.com (41)