Tuesday June 9 2026
News Source: Global Exchanges
Focus: Listing Rules
Type: General
Country: Austria
On 8th June 2026, the Austrian Financial Market Authority (FMA) welcomed the modernisation and simplification of capital market law achieved by the entry into force of the Listing Act. The objective of the Listing Act (Regulation (EU) 2024/2809) is to simplify access to public capital markets, especially for small and medium-sized enterprises (SMEs), while also reinforcing transparency and investor protection.
Changes in Prospectus Law
The Listing Act simplifies requirements for prospectuses and tailors them to different issuers. SMEs above all profit from reduced disclosure requirements and simplified procedures, which in turn reduce the cost and time consumed for floating on exchanges – while continuing to guarantee investor protection by means of clear information requirements.
In transposing the Listing Act into Austrian law, the Capital Market Act (KMG) has also been amended: the threshold for the requirement to produce a prospectus increases to € 12 million. Public securities offerings are therefore not required to publish a prospectus – which is both a considerable simplification for SMEs and a plus in terms of financing options.
Impact on the Market Abuse Regulation (MAR)
The Listing Act also redefines ad hoc reporting. Insider information is now required to be published generally after the end result has occurred in the case of protracted processes. Investors will therefore tend to be informed of price-sensitive events at a later stage.
Bans on market abuse remain unchanged: the ban on insider trading, on recommending or inciting such trading, and on the unlawful disclosure of inside information. Even in the case of protracted processes, inside information retains its status as inside information until it is published. The FMA continues to monitor compliance rigorously; breaches may result in penalties under administrative and penal law.
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