Euronext today announced the launch of the European Common Prospectus, a single, standardised template for equity issuances that marks a pivotal step towards deeper integration of European capital markets.

The full implementation of the Listing Act to simplify European rules for listing is not expected until June 2026. In the meantime, there is a clear and immediate need to boost IPO activity in Europe and to compete on a global level. To meet this need, Euronext began to develop a new European Common Prospectus in November 2024, following the publication of the Listing Act.

As the backbone of the Savings and Investments Union, Euronext has continuously simplified listing rules, with harmonised rulebooks to enable issuers to tap into our single liquidity pool powered by our single trading platform Optiq®. This new prospectus, designed for use across all Euronext countries, complies with existing EU regulation and offers immediate benefits to both issuers and investors.

To ensure broad support and practical implementation, Euronext sought support from European stakeholders including European capital market bankers, legal advisers, auditors, investors and issuers.

The European Common Prospectus brings a long-awaited harmonisation of how companies present themselves to the market. Issuers will benefit from a streamlined, easy-to-use template that significantly reduces complexity.

Although the template will have to be submitted through the normal regulatory approval process, the new common prospectus replaces the 21 sections previously required with a simpler 11-section format, and makes the preparation of a listing prospectus faster and more efficient.

The use of English as the preferred language simplifies the drafting process and supports cross-border access to capital.

For investors, the prospectus offers much-needed consistency and comparability across EU jurisdictions. Whether the prospectus is for a listing in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo or Paris, investors will now be able to assess offerings based on a shared structure and language. This will simplify the evaluation of opportunities and enable investors to make informed investment decisions.

The goal is to create a clear, accessible and investor-friendly prospectus that facilitates capital raising across EU borders.

Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, said:

“By acting now, Euronext is offering a practical path forward to simplify access to capital, enhance investor confidence, and boost IPO activity across the continent. The European Common Prospectus mirrors global best practices, and positions European markets as more accessible and attractive to both issuers and international investors.”

The new prospectus has been shared with the Euronext College of Regulators and is available for immediate use in all Euronext countries. The template is designed to be flexible and adaptable, ensuring it meets current regulations while being ready to incorporate future changes under the Listing Act, expected to apply from June 2026.

While it is optional in nature and issuers can opt to use other templates provided for in the Prospectus Regulation, Euronext strongly encourages issuers to adopt this new format to take full advantage of its benefits. Other formats – such as the EU Growth Prospectus and the Follow-on Prospectus – will continue to apply where appropriate.