The European Securities and Markets Authority (ESMA) has published a Consultation Paper and a Call for Evidence on Prospectus Liability under the Prospectus Regulation. The Consultation Paper contains recommendations to facilitate European capital market activity by streamlining and reducing regulatory burden. It also proposes updates to data reporting requirements and introduces proposals for non-equity securities with ESG features. The Listing Act aims to simplify listing rules for companies while preserving transparency, investor protection, and market integrity. The Act also calls for an analysis of liability for information given in a prospectus and an assessment of whether further harmonisation is warranted. The Call for Evidence on Prospectus Liability seeks input on whether further harmonisation should be considered. Stakeholders are invited to contribute to the Consultation Paper and Call for Evidence by 31 December 2024. ESMA will publish its final technical advice to the European Commission in two separate reports in Q2 2025. The reports will be based on feedback received from stakeholders. The goal of the Consultation Paper and Call for Evidence is to gather input to provide technical advice on potential amendments to the liability provisions.