Relazione finale del Technical expert stakeholder group on SMEs |
Empowering EU capital markets for SMEs - Making listing cool again (117 pagine in inglese, formato pdf).
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Abstract
Autori: Eduardo FERNANDEZ, Hans-Jürgen FRIEDRICH, Orla O’GORMAN, Gerhard HUEMER, Luboš MAZANEC, Jesús González NIETO-MÁRQUEZ, Lena ÖSTERBERG, Lukas PLATTNER, Morana PLEJIĆ, Andrea VISMARA.
La relazione formula dodici raccomandazioni per accrescere il ruolo dei mercati finanziari rispetto al finanziamento della crescita delle piccole e medie imprese.
1. Introduction
1.1. The importance of SMEs in the EU
1.2. The importance of accessing public markets for SMEs and existing challenges
1.3. Mandate of the TESG
1.4. Overview of the report
2. SME listing proposition and why EU markets need to reform
2.1. SMEs: what should a stock market listing deliver to them?
2.2. From SMEs to SMCs: the need for a consistent definition
3. SMCs: Reforming their regulatory environment
3.1. Alleviating listing requirements
3.2. Simplifying market abuse regime
3.3. Giving issuers back control (multiple voting rights/ dual class shares)
3.4. Introducing pre-listing supports (transitional period and listing sandboxes)
4. SMCs: Increasing their visibility and profile
4.1. Promoting EU’s SMC champions
4.2. Supporting equity research
4.3. Appropriate credit research and rating for SMCs
4.4. Simplifying ESG requirements
4.5. Corporate Governance
5. SMCs: Attracting investments
5.1. Creating tax incentives
5.2. Engaging retail investors
6. Conclusion
Technical recommendations
- SMEs: the need for a consistent definition
- Alleviating listing requirements
- Simplifying market abuse regime
- Giving issuers back control (multiple voting rights/ dual class shares)
- Introducing pre-listing supports (transitional period and listing sandboxes)
- Promoting EU’s SMC champions
- Supporting equity research
- Appropriate credit research and rating for SMCs
- Simplifying ESG requirements
- Corporate Governance
- Creating tax incentives
- Engagement of retail investors
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