Listing Act – Directive (EU) 2024/2811: amendments to MiFID II on research, free float and listing
From 6 June 2026 the research payment regime changes, the minimum free float drops to 10% and "issuer-sponsored research" is introduced.
— eur-lex
Directive (EU) 2024/2811, part of the Listing Act package, amends MiFID II (Directive 2014/65/EU) by reforming the research unbundling regime introduced in 2018. From 6 June 2026, the date of application of the new provisions, investment firms may choose to pay for research and order execution either jointly or separately, subject to specific transparency obligations toward clients. The key change is the removal of the market-capitalisation threshold: re-bundling is no longer confined to research on SMEs but extends to issuers of any size. The two pre-existing methods remain available, namely payment from the firm's own resources and payment through a dedicated research payment account. Investment firms, intermediaries and research providers should update client documentation, disclosures and compliance procedures ahead of the application date.