FESE Members welcome the measures proposed by the European Commission to support small and medium-sized enterprises (SMEs)’ access to financing through public markets and to promote the use of SME Growth Markets.

We fully support the work of policy makers in the context of the Capital Markets Union Agenda and their goal to strengthen the European economy and ensure easier access to markets for all companies, including growth companies which are the backbone and engine of the economy. In this regard, we fully endorse both the Level I measures presented by the Commission to encourage SMEs listings and the Level II amendments to the Delegated Regulation under MiFID II.

SMEs are critical to European economic recovery and to accomplishing the EU’s goals of job creation, competitiveness and growth. As the basis for these goals, SMEs require a favourable environment, which allows them to meet their financing needs, in particular when accessing markets. Therefore, we support the work of EU decision-makers to ensure a comprehensive strategy on how to boost equity and non-equity financing at all stages of the funding escalator.

Many FESE Members organise specialised markets that allow SMEs across Europe to access capital markets.On these markets, there is a continuous dialogue among various participants in the ecosystem about improving the listing rules, always with the aim of finding the best balance to maintain a liquid and trusted market for all with reduced burdens for issuers and adequate levels of investors protection. For these reasons, the experience of FESE Members is that more flexibility on listing rules supports the better functioning and the integrity of the market.

Read the full FESE Response here.