On 23 June 2026, Financial Services Commissioner Maria Luís Albuquerque, speaking by video message at the BaFin Capital Markets Conference in Frankfurt, argued that reducing complexity is essential to making European public markets more attractive for companies seeking to list and grow. She highlighted the Listing Act and the forthcoming Market Integration and Supervision Package (MISP) as central to this effort.
Albuquerque described complexity as a major obstacle for companies at the stage when they are ready to raise capital and consider public listing. The Listing Act, she said, addresses this with targeted measures before, during, and after an IPO: multiple-vote share structures to let founders retain strategic control, a cheaper and faster prospectus regime, a dedicated EU Growth issuance prospectus for SMEs, clearer disclosure obligations for inside information, and support for investment research. Level 2 rules are either already applicable or being finalised to remove further barriers.
The Commissioner stressed that the Listing Act should not be seen in isolation. She noted that the Commission recently closed a public consultation on better exit options for early-stage investors and is analysing responses. She also pointed to a growing demand from founders and investors to keep companies and talent in Europe, which the Commission aims to address through broader capital allocation strategy.
Albuquerque outlined the role of institutional investors in providing long-term savings for citizens and patient capital for the economy. She said the Commission has taken steps to expand investment capacity for insurers and banks and is working to deepen supplementary pension markets across the EU.
The MISP, she explained, is designed to remove barriers that fragment markets, reduce complexity, and bring the EU closer to a true single market for capital. By harmonising rules, interpretations, and supervisory approaches, MISP will make markets more seamless and simpler for companies and investors. She framed this as part of a wider Commission priority to build simplicity into rules by design, tackle regulatory gold-plating, and focus on faster enforcement.
The speech contained no new legislative proposals or numerical targets, instead reaffirming existing initiatives and outlining a policy orientation toward market integration and simplification. The Commissioner did not address potential trade-offs, such as the balance between investor protection and market access, or the costs of harmonisation for national regulators.
For EU companies, especially SMEs, the Listing Act and MISP could reduce listing costs and administrative burdens, improving access to public markets. Institutional investors may benefit from clearer rules and expanded investment capacity, potentially increasing returns for savers. National regulators face adaptation costs from harmonised supervision, while EU competitiveness could improve if capital markets become deeper and more integrated, though the absence of specific targets leaves the scale of impact uncertain.