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EU small listed companies Act

Banking and financial services

The Capital Markets Union (CMU) Midterm Review (MTR) (published in June 2017) strengthens the focus on capital-raising by SMEs on public markets. The CMU midterm review accepts that targeted amendments could lighten the burden on small and midcaps as well as on small investment services providers and enhance the prospect for success of the 'SME Growth Market', a new type of multilateral trading facility introduced by MiFID II.

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Public consultation

ID: 1504

Lobbying Activity

22 responses

Consultation response

Bundesverband der Deutschen Industrie e.V., 12 Jan 2018

Grundsätzlich ist alles zu begrüßen, was die langfristige und sichere Finanzierung von wettbewerbsfähigen kleinen und mittleren Unternehmen (KMU) – unabhängig davon ob noch dazu wachstumsstark oder nicht – erleichtert. Die Frage allerdings, ob ein Börsengang eine besondere Rolle haben sollte, ist…

Consultation response

Euronext, 21 Jun 2018

Euronext welcomes the possibility to provide feedback to the European Commission proposals to amend the Delegated Acts under MiFID II with an aim to strengthen the attractiveness of ‘SME Growth Markets’. We fully support the Commission work in the context of the Capital Markets Union Agenda and…

Consultation response

Invest Europe, 15 Jan 2018

The private equity industry agrees with the European Commission’s assessment that smaller firms are often discouraged from seeking to launch an Initial Public Offering (IPO) on public markets and we therefore support the ongoing initiative to reduce the burden of public offering for this type of…

Consultation response

Associazione Bancaria Italiana, 25 Jul 2018

Please find enclosed ABI's remarks to the EU Commission proposal for a Regulation of the European Parliament and of the Council amending Regulations (EU) No 596/2014 and (EU) 2017/1129 as regards the promotion of the use of SME growth markets.

Consultation response

Associazione Bancaria Italiana, 21 Jun 2018

Please find enclosed ABI's remarks to the EU Commission delegated regulation proposal amending Commission Delegated Regulation 2017/565 as regards certain registration conditions to promote the use of SME growth markets for the purposes of Directive 2014/65/EU of the European Parliament and of the…

Consultation response

NASDAQ, 25 Jul 2018

Please see attached document.

Consultation response

NASDAQ, 21 Jun 2018

Please see attached document.

Consultation response

Deutsche Börse AG, 25 Jul 2018

We express our gratitude for the opportunity to give a first assessment of the draft amending the regulation (EU) no. 596/2014 (“MAR”) and (EU) 2017/119 („Prospectus Regulation“). Overall, we welcome the proposal to further increase the attractiveness of the growth markets for small and…

Consultation response

Deutsche Börse AG, 20 Jun 2018

Deutsche Börse Group (DBG) expresses its gratitude for the opportunity to give a first feedback on the draft amending the Delegated Regulation (EU) 2017/565 to Directive 2014/65/EU („MiFID II“). Overall, we welcome the proposal to further enhance the attractiveness of capital market financing in…

Consultation response

London Stock Exchange Group, 25 Jul 2018

• LSEG is delighted to respond to the European Commission’s proposed amendments to MAR and the Prospectus Regulation on the promotion of using SME Growth Markets (SME GM). We believe that SMEs will be willing to meet higher standards of regulation if the benefits warrant the investment and we…

Consultation response

London Stock Exchange Group, 21 Jun 2018

LSEG welcome that a new, complementary definition of SME Growth Markets is to be introduced to allow debt markets also to qualify for the label where appropriate. This will support a greater adoption of the SME Growth Market framework and we are delighted that this should make it feasible in…

Consultation response

AMUNDI AM, 12 Jan 2018

Amundi approves the initiative by the European Commission (EC) to facilitate SME listing. As an asset manager, Amundi favours the development of a deeper and more diversified financial market that provides diversity and opportunities for investors. In the preparation of a discussion paper and…

Consultation response

EuropeanIssuers, 20 Jul 2018

We welcome the opportunity to provide feedback to the Commission’s proposal on the SME Listing Package. We support the Commission’s intention to adapt existing EU rules to introduce a more proportionate regulatory approach to support listing of smaller companies. We applaud the aim to boost the…

Consultation response

EuropeanIssuers, 21 Jun 2018

We welcome the opportunity to provide feedback on the draft Delegated Regulation bringing technical adjustments to MiFID II (Directive 2014/65/EU) aimed at promoting the use of SME growth markets. In the attached paper we share some high-level comments on the Commissions’ proposal for the SME…

Consultation response

The Investment Association, 21 Jun 2018

The Investment Association is delighted to provide input to your consultation on the proposed amendments to MiFID II, the Market Abuse Regulation and the Prospectus Regulation. Please see our comments in the attached letter.

Consultation response

Swedish Securities Markets Association (Swedish: Föreningen Svensk Värdepappersmarknad), 19 Jun 2018

The SSDA welcomes the initiative to support access to public funding for SMEs and is consequently positive to all initiatives that support the development of SME markets. The SSDA see the suggested amendments as a step in the right direction but would also like to point out that further initiatives…

Consultation response

Swedish Securities Markets Association (Swedish: Föreningen Svensk Värdepappersmarknad), 19 Jun 2018

The SSDA welcomes the initiative to support access to public funding for SMEs and is consequently positive to all initiatives that support the development of SME markets. It is important to keep in mind that SME markets vary a lot across the EU and that they are to a large extent local by nature.…

Consultation response

Die Deutsche Kreditwirtschaft, 13 Jul 2018

The German Banking Industry Committee (GBIC) warmly welcomes the EU Commission’s intention to address regulatory shortcomings stemming from the Market Abuse Regulation or Prospectus Regulation whilst preserving the highest standards of investor protection and market integrity. The existing market…

Consultation response

Association Française des Marchés Financiers, 18 Jul 2018

For the reasons explained in the attached document (AMAFI / 18-36), AMAFI considers that: I. Regarding Article 1 (1) on market soundings The Proposal cannot be validly restricted to SME growth market issuers only. The proposed restriction is legally wrong given that the analysis is rightly…

Consultation response

The Quoted Companies Alliance, 19 Jun 2018

We do not agree that an SME growth market operator should be required to state the minimum amount of shares which can placed in circulation for trading as a condition for admission – regardless of whether they have the flexibility to set an appropriate threshold based on the particular…

Consultation response

Interessenverband kapitalmarktorientierter kleiner und mittlerer Unternehmen (KMU) e.V., 24 Jul 2018

Sehr geehrte Damen und Herren, bitte finden Sie anbei unser Feedback im angehängten Dokument.

Consultation response

DGRV - Deutscher Genossenschafts- und Raiffeisenverband e.V., 3 Jul 2018

DGRV – Deutscher Genossenschafts- und Raiffeisenverband e. V. Pariser Platz 3 D-10117 Berlin Re: Promoting the use of SME growth markets - Level 2 (nachträgliche Stellungnahme) Sehr geehrte Damen und Herren, laut Erwägungsgrund Nr. 12 des Vorschlags für eine VERORDNUNG DES EUROPÄISCHEN…