Corporate Update July 2026 - Securities Markets

LISTING ACT: AMENDMENTS TO EU MARKET ABUSE REGULATION AND EU PROSPECTUS REGULATION TAKE EFFECT

Certain Listing Act amendments to the EU Market Abuse Regulation (MAR) and the EU Prospectus Regulation (EUPR) came into effect on 5 June 2026, including:

• MAR: changes to the regime for the disclosure of inside information in relation to intermediate steps in a protracted process and the circumstances in which disclosure may be delayed. For more details, please see our briefing: EU MAR reforms: Key developments for listed companies. In connection with this, a new Commission Implementing Regulation containing the revised templates for insider lists has been published in the Official Journal of the EU and will apply from 5 July 2026. For more, please see our briefing: EU MAR reforms: New insider list format applies from 5 July 2026.
• EUPR: offers of securities to the public with a total aggregate consideration in the EU of less than €12 million (calculated over 12 months) are now exempt from the obligation to publish a prospectus. Member States have discretion to reduce the threshold to €5 million. The Minister for Finance has confirmed the decision to set the threshold at €12 million however, the Irish transposing regulations have not been published. Standardised prospectus format requirements also apply from 5 June 2026.

Separately, Commission Delegated Regulation (EU) 2026/773, which sets out the content, format and sequencing requirements for the EU Follow-on prospectus and EU Growth issuance prospectus, was published in the Official Journal of the EU and entered into force on 18 June 2026.

LISTING ACT EURONEXT INITIATIVES TO STREAMLINE LISTING AND ADMISSION PROCESSES

To support implementation of the Listing Act simplification measures, Euronext has announced:

• the release of standardised prospectus templates in respect of certain categories of prospectus (EU IPO, Follow-on and Growth);
• revision of its Information Document for MTFs (Euronext Growth and Euronext Access) to align with the EU Growth prospectus framework;
• the launch of the MyEuronext Digital Platform, a single access point for issuers and advisers across its markets, aimed at streamlining admission processes, improving efficiency and reducing execution risk; and
• the launch of IPOgo, designed to simplify and accelerate IPOs for SMEs on Euronext Growth.

CHANGES TO AIM RULES

The LSE is consulting on proposed changes to the AIM Rules and the AIM Disciplinary Procedures and Appeals Handbook (PDF 277KB) and the AIM Rules for Nominated Advisers (PDF 158). The consultations close on 2 July 2026.

CBI CONSULTATION

The Central Bank of Ireland has launched a consultation on its approach to:

• Regulatory Impact Assessment, clarifying how it assesses regulatory interventions (including costs, benefits and alternatives); and
• stakeholder consultation, with a proposed enhanced focus on accessibility, inclusiveness and the role of engagement in informing policy development.

The consultation does not introduce new regulatory requirements or amend existing rules but instead focuses on the processes and frameworks underpinning regulatory policy development and communication. The consultation closes on 30 September 2026.