The Listing Act Working Group was established to monitor and analyse the European Commission’s legislative initiative known as the “Listing Act”, which aims to simplify listing and post-listing requirements in order to enhance the attractiveness of public capital markets and facilitate access to financing, particularly for SMEs.

The proposals underpinning the Listing Act affect several core pillars of the EU capital markets framework, including the Prospectus Regulation, the Market Abuse Regulation, MiFID II, MiFIR, the Transparency Directive and the Listing Directive, and may therefore have a direct impact on the capital markets environment in Luxembourg.

In this context, the Working Group closely follows the development of the legislative proposals throughout the EU legislative process, analyses their implications for market participants and contributes to consultations at both European and national level. The diverse expertise of its members enables the group to develop a balanced and informed market perspective reflecting the interests of the Luxembourg capital markets community.

The Working Group also engages with other industry associations, institutions and public authorities to exchange views and promote its positions on the Listing Act initiative. In March 2023, the group submitted feedback to the European Commission on the proposals, focusing in particular on the suggested repeal of the Listing Directive and the proposed amendments to the Prospectus Regulation.