Changes between two versions
What changed between the plenary report and the adopted text
From · plenary report· 26 Oct 2023
on the proposal for a directive of the European Parliament and of the Council amending Directive 2014/65/EU to make public capital markets in the Union more attractive for companies and to facilitate access to capital for small and medium-sized enterprises and repealing Directive 2001/34/EC
To · adopted text· 24 Apr 2024
Increasing the attractiveness of public capital markets and facilitating access to capital for SMEs – amending Directive
These two texts have too little in common to compare paragraph by paragraph: they are different documents rather than versions of one (for example one group’s motion and the joint text that was adopted).
+12 added · −125 removed · 1 changed paragraphs, packaging included.
Part 3 of 3: Paragraphs 121–146
Removed:‘Article 51a Specific conditions for the admission of shares to trading
Removed:1. Member States shall require that the foreseeable market capitalisation of the shares for which admission to trading is sought, or if this cannot be assessed, the company’s capital and reserves, including profit and loss, from the last financial year, shall be at least EUR 1 000 000 or an equivalent amount in a national currency other than the Euro.
Removed:2. Paragraph 1 shall however not apply to the admission to trading of shares fungible with shares already admitted to trading.
Removed:3. Where, as a result of an adjustment of the equivalent amount of the Euro in national currency, the market capitalisation expressed in national currency remains for a period of 1 year at least 10 % approximately the value of EUR 1 000 000, the Member State shall, within the 12 months following the expiry of that period, adjust its laws, regulations or administrative provisions to comply with paragraph 1.
Removed:4. Member States shall ensure that regulated markets require at least 10% of the subscribed capital represented by the class of shares concerned by the application for admission to trading to be held by the public at the time of admission.
Removed:5. Where the percentage of shares held by the public is below 10% of the subscribed capital, Member States shall ensure that regulated markets require that a sufficient number of shares is distributed to the public to fulfil the requirement laid down in paragraph 4.
Removed:6. Where admission to trading is sought for shares fungible with shares already admitted to trading, regulated markets shall assess, to fulfil the requirement laid down in paragraph 4, whether a sufficient number of shares has been distributed to the public in relation to all the shares issued and not only in relation to the shares fungible with shares already admitted to trading.
Removed:7. The Commission is empowered to adopt delegated acts in accordance with Article 89 to amend this Directive by modifying the thresholds referred to in paragraphs 1 and 3 or in paragraphs 4 and 5 or in both, when the applicable thresholds impede the liquidity on public markets taking into account the financial developments.’;
Removed:(4a) In Article 69(2), first subparagraph, the following point is added:
Removed:‘(v) supervise whether investment firms that produce or distribute issuer-sponsored research do so in compliance with the Union code of conduct developed by ESMA as referred to in Article 24.’;
Removed:(5) Article 89 is amended as follows:
Removed:(a) paragraphs 2 and 3 are replaced by the following:
Removed:‘2. The delegation of power referred to in Article 2(3), Article 2(4), Article 4(1)(2), second subparagraph, Article 4(2), Article 13(1), Article 16(12), Article 23(4), Article 24(13), Article 25(8), Article 27(9), Article 28(3), Article 30(5), Article 31(4), Article 32(4), Article 33(8), Article 51a(7), Article 52(4), Article 54(4), Article 58(6), Article 64(7), Article 65(7) and Article 79(8) shall be conferred on the Commission for an indeterminate period of time.
Removed:3. The delegation of power referred to in Article 2(3), Article 2(4), Article 4(1)(2), second subparagraph, Article 4(2), Article 13(1), Article 16(12), Article 23(4), Article 24(13), Article 25(8), Article 27(9), Article 28(3), Article 30(5), Article 31(4), Article 32(4), Article 33(8), Article 51a(7), Article 52(4) Article 54(4), Article 58(6), Article 64(7), Article 65(7) and Article 79(8) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.’;
Removed:(b) paragraph 5 is replaced by the following:
Removed:‘5. A delegated act adopted pursuant to Article 2(3), Article 2(4), Article 4(1)(2), second subparagraph, Article 4(2), Article 13(1), Article 16(12), Article 23(4), Article 24(13), Article 25(8), Article 27(9), Article 28(3), Article 30(5), Article 31(4), Article 32(4), Article 33(8), Article 51a(7), Article 52(4), Article 54(4), Article 58(6), Article 64(7), Article 65(7) or Article 79(8) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of three months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or of the Council.’.
Removed:Directive 2001/34/EC is repealed as of … [OP please insert the date = 24 months from date of entry into force of this Directive].
Removed:1. Member States shall adopt and publish, by … [OP please insert the date = 12 months from the date of entry into force of this Directive] at the latest, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions.
Removed:They shall apply those provisions from … [OP please insert the date = 18 months from the date of entry into force of this Directive].
Removed:When Member States adopt those provisions, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. Member States shall determine how such reference is to be made.
Removed:2. Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.
Removed:This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Removed:This Directive is addressed to the Member States.
Removed:Done at Brussels,
Removed:For the European Parliament For the Council
Removed:The President The President