ver?t=%7bba70d104-9373-4e60-bc2f-b4d6121d39e5%7d

https://www.cnmv.es/webservices/verdocumento/ver?t=%7bba70d104-9373-4e60-bc2f-b4d6121d39e5%7d
Success
Service Equities 88% Investment Services 88%
Specialism Regulatory Reporting 15% Data Governance 10%
2026-02-20 09:36:47 · adavies@vixio.com
ID
2889671
GUID
736d187796f40df47c4132c2fbda0647

Classification

Service
Equities (88%)

The update addresses prospectus requirements and transitional provisions for capital market issuances, including secondary share offerings and Growth Union offerings, which directly concern equity issuance and admission to trading under the Listing Act.

Investment Services (88%)

Mandatory inheritance: Equities as the primary tag requires Investment Services as the secondary tag, reflecting the asset-management and capital-raising dimension of prospectus regulation for equity securities.

Specialism
Regulatory Reporting (15%)

This update concerns prospectus requirements and capital market access for securities issuers under the EU Listing Act, which falls outside the scope of payment services regulation and does not address any payment-specific compliance obligations.

Data Governance (10%)

While the update mentions regulatory documentation and transitional provisions, it is fundamentally a securities/capital markets disclosure rule with no connection to payment firms, payment systems, or payment-specific compliance frameworks.

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TITLE: European Securities and Markets Authority Clarifies Prospectus Regulation Transitional Provisions Under Listing Act BODY: On February 19, 2026, the European Securities and Markets Authority (ESMA) published a market notice clarifying the transitional provisions introduced by the Listing Act regarding prospectus requirements. The Listing Act, which amended Regulation (EU) No 2017/1129 (Prospectus Regulation), aims to improve access to European Union capital markets, particularly for small and medium-sized enterprises (SMEs), while maintaining investor protection standards. ESMA clarified that prospectuses approved under the simplified regime (for secondary offerings and the Growth Union) until March 4, 2026, and prospectuses under the general regime approved until June 4, 2026, remain valid and continue to be governed by the version of the Prospectus Regulation in force on their approval date. Registration documents and universal registration documents approved or submitted until June 4, 2026, may be used in tripartite prospectuses approved thereafter until the end of their validity, provided they are kept updated through supplements or amendments. Registration documents for secondary offerings and Growth Union offerings expire on March 4, 2026. From March 5, 2026, issuers and offerors must use the Follow-on Union Prospectus and Growth Union Prospectus in accordance with Articles 14 bis and 15 bis of the Prospectus Regulation. However, ESMA noted that the Commission Delegated Act detailing their reduced content, format, and standardised sequence is not expected to enter into force on that date due to approval process delays. ESMA recommends issuers and offerors voluntarily include the information specified in the pending Commission Delegated Act in prospectuses from March 5, 2026, onwards. For clarifications, issuers may contact ESMA or the relevant national competent authority.
  • ✓ Scraped:2026-02-20 09:36:47
  • ✓ Created:2026-02-20 09:36:46
  • ✓ By:adavies@vixio.com (41)