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Part of objective 1 of the capital markets union (CMU) action plan, action 2 aims to support companies' access to public markets.

Technical Expert Stakeholder Group (TESG) on SMEs

Broadening access to market-based sources of financing for European companies at each stage of their development is at the heart of the capital markets union. To do so, the CMU initiative has strived to create a more conducive regulatory framework supporting access to public funding for small and mid-sized Enterprises (SMEs). In October 2020, as mandated by Regulation 2019/2115 as regards the promotion of the use of SME growth markets, the European Commission set up a Technical Expert Stakeholder Group on SMEs (TESG) that brought together relevant stakeholders with technical expertise on SMEs’ access to finance. The Group was tasked with monitoring and assessing the functioning of SME growth markets, as well as providing expertise and possible input on other relevant areas of SME access to public markets. Their work was finalised in May 2021 and culminated with their final report setting out 12 concrete recommendations to foster SME listing.

On the basis of the TESG recommendations, and building on the SME listing act and the measures adopted by the co-legislators as part of the Capital Market Recovery Package, the Commission now plans to adopt a legislative proposal in the second half of 2022 that cuts the red tape for companies wanting to raise funds on EU public markets, while preserving market integrity and investor protection. The proposal will critically assess the rules applicable to companies going through a listing process and companies already listed on EU public markets.

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Listing act – making public capital markets more attractive for EU companies and facilitating access to capital for SMEs

Following up on the TESG recommendations, and building on the SME listing act and the measures already adopted by the co-legislators as part of the Capital Market Recovery Package, the Commission now plans to adopt a legislative proposal in the second half of 2022 that cuts the red tape for companies, in particular SMEs, wanting to raise funds on EU public markets, while preserving market integrity and investor protection. The proposal will critically assess the rules applicable to companies going through a listing process and companies already listed on EU public markets. For that purpose, the Commission launched an open public consultation and a targeted consultation that will run until 28 February 2022.

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