Listing rules for public markets (Listing act)


In December 2022, the Commission published a set of measures to further develop the EU's Capital Markets Union (CMU), which remains fragmented and underdeveloped in size. Part of the package – a new Listing Act – aims to reduce the administrative burden on companies of all sizes, particularly SMEs, so that they can better access funding by listing on European public markets. Studies show a sub-optimal situation with respect to SME initial public offerings (IPOs) in Europe. Also, the total number of listed companies on SME growth markets in Europe has barely increased since 2014, despite the fact that listed companies enjoyed clear benefits.


Key points

In the opinion, the EESC:

  • underlines that increased equity funding for European companies is key and therefore strongly welcomes the Listing Act proposed by the Commission;
  • believes that bringing family-owned companies to capital markets would open up untapped potential to attract capital for growth, and a multiple-voting rights regime helps families to retain control, making listing more attractive to them;
  • welcomes the Commission's initiative to streamline the contents of a prospectus that would significantly reduce costs and burden for issuers. In this context the EESC welcomes the proposal to give issuers the choice to publish a prospectus in English only. However, publication of a full-scale document, and not only the summary, in national languages would empower local retail investors. Using "English-only" issuance documents would hinder the development of a national retail investment base.

The full text of the opinion can be found here


Additional information

Section: Economic and Monetary Union and Economic and Social Cohesion (ECO)

Opinion number: ECO/602

Opinion type: Mandatory referral

Rapporteur: Kęstutis KUPŠYS

Reference: COM(2022) 760 final – 2022/0405 (COD) / COM(2022) 761 final – 2022/0406 (COD) / COM(2022) 762 final – 2022/0411 (COD) / COM(2022) 762 final 2022/0411 COD

Date of adoption by section: 02/03/23

Result of the vote: 62 in favour / 1 against / 3 abstentions 

Date of adoption in plenary: 22/03/23

Result of the vote:



Thomas Kersten 
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Gerald Klec 
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