Croatia simplifies capital market access for SMEs under new EU listing rules

From Friday the European Union began applying parts of the so‑called Listing Act, a legislative package aimed at easing market‑based financing for companies, especially small and medium‑sized enterprises (SMEs). The reforms raise the prospectus‑exemption threshold from €8 million to €12 million and streamline procedures for public offerings and admissions to stock exchanges.

In Croatia, the Ministry of Finance presented a draft amendment to the Capital Market Act on 10 April to align national law with the EU package. The draft was opened for public comment through an e‑consultation platform and passed its first reading in the Parliament on 29 May. The changes seek to increase the competitiveness of the Croatian capital market, reduce administrative burdens for issuers, clarify rules on market‑important information, and improve data availability for investors. The EU package also revises the Prospectus Regulation, Market Abuse Regulation, MiFIR and MiFID II, and introduces a new directive on multi‑vote share structures, all intended to strengthen the Capital Markets Union.