Clifford Chance

EU Listing Act Reforms to the EU Prospectus Regulation – Impact on Debt Markets

24 April 2024

In direct contrast to the ‘root and branch’ reforms to the UK prospectus regime (which is being repealed in full and replaced), the reforms to the EU prospectus regime will build on the ‘status quo’. The EU Listing Act amendments adjust the existing EU Prospectus Regulation.

Furthermore, the EU Listing Act provides for staggered application of provisions amending the EU Prospectus Regulation, and the most significant changes to the EU prospectus regime are not due to take effect until the end of 2025. That said, some changes will apply as soon as the EU Listing Act is in force, including changes which will impact debt issuance and prospectuses. Following approval of the EU Listing Act in the plenary session of the European Parliament today, that application date may be very soon.

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