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On 24 April 2024 the European Parliament adopted the EU Listing Act, a legislative package that includes changes to the Prospectus Regulation, the Market Abuse Regulation, MiFID II and MIFIR. In this article we discuss these expanded prospectus exemptions

In this note we discuss the interplay between prospectus exemptions and share issuance authorisations of listed Dutch companies. Prospectus exemptions are expanded under the EU Listing Act, but will Dutch issuers be able to take full advantage?

ESMA issued a statement on the practice of organising pre-close calls, where issuers share information with analysts immediately before a closed period. ESMA reiterates the legislative framework and identifies best practices for these calls.

The focus of this year's annual Capital Markets Seminar, attended by over 70 capital markets participants, was on "The case for Amsterdam listings - now and in the future". Read here the key insights.

AFM sets out the findings of its review of the use of alternative performance measures in financial reporting and concludes that Dutch issuers often fall short of the required level of transparency when reporting their alternative performance measures.

Stibbe lawyers Marieke Driessen, Loes van Dijk and Ingrid van der Klooster contributed to the book 'Sustainable Finance in Europe' which was recently published.

In October 2024, the European Council adopted the EU Listing Act, a legislative package that includes changes to the Market Abuse Regulation. We discuss the expanded exemptions to the prohibition of PDMRs carrying out transactions during a closed period.

The EU Listing Act, which includes updates to the Prospectus Regulation, Market Abuse Regulation, Markets in Financial Instruments Regulation, and to the Markets in Financial Instruments Directive, has been published on 14 November 2024.

A recent report of the AFM underlines its focus on monitoring SFDR compliance, signals tightening enforcement action against those lagging behind, and highlights a new phase of supervisory attention for clear, accurate and reliable SFDR disclosures.

In its latest market watch, the AFM places a spotlight on notifications of substantial holdings and gross short positions in response to the ongoing public discourse on the issue.

What funds providing debt finance in the EU need to know about new EU rules for loan origination funds.

Nora Offergelt and Pieter Schütte have written a Practice Note with Practical Law Capital Markets in which they discuss the top tips for doing capital markets deals in the Netherlands.

Market soundings are a tool for issuers and financial market participants to gauge investor interest in potential transactions before they are publicly announced. These interactions often involve sharing inside information as defined by the MAR.

In April 2024, the European Parliament adopted the EU Listing Act. We discuss the removal of the obligation to immediately disclose an intermediate step in a protracted process that constitutes inside information under the Market Abuse Regulation.

The Stibbe Equity Capital Markets (ECM) Insights Guide 2024 offers an overview of recent developments in the equity capital markets in the Netherlands, highlighting the key trends and legal developments.

Transition finance provides options for borrowers and issuers who are not able or willing to commit to green and sustainability principles in their financing options, as they are transitioning their businesses onto the path towards a sustainable future.

The European Commission adopts a banking package to bolster lending amid COVID-19, urging banks to utilize EU frameworks fully. It includes Interpretative Communication and "quick fix" amendments to banking rules.