Commission adopts Delegated Regulation amending MiFID II to promote use of SME growth markets

On 13 December 2018, the European Commission adopted a Delegated Regulation that amends Commission Delegated Regulation (EU) 2017/565 as regards certain registration conditions to promote the use of SME growth markets for the purposes of MiFID II. The adopted Delegated Regulation has three operational provisions: it replaces the current definition of a non-equity issuer set out in Article 77(2) of Commission Delegated Regulation (EU) 2017/565 with a new definition based on an issuance size criterion; it modifies Article 78(2)(g) of Commission Delegated Regulation (EU) 2017/565 by leaving the flexibility to SME growth market operators to impose a half yearly financial report on non-equity issuers (while keeping this obligation unchanged for equity issuers); and it introduces a new point (j) in Article 78(2) of Commission Delegated Regulation (EU) 2017/565 requiring listing rules of SME growth markets to impose a free float requirement for equity issuers when the shares are…

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