About this initiative

Summary

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.

Topic
Banking and financial services
Type of act
Provisional data
Expert group

Roadmap

Feedback: closed
Type

Inception impact assessment
More about roadmaps.

Feedback period
18 December 2017 - 15 January 2018 (midnight Brussels time)
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Download (277 KB - PDF - 4 pages)

Feedback (3)

  • Invest Europe (Belgium)
    15 January 2018 Business association
    Invest Europe (Belgium)

    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 companies. While investors need reliable information about potential risks associated with their investments on capital markets, it is our...

  • BDI - Federation of German Industries (Germany)
    12 Januar 2018 Business association
    BDI - Federation of German Industries (Germany)

    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 nicht zuletzt auch von kulturellen Faktoren abhängig und individuell zu beantworten. Die Finanzierung von KMU ist daher breiter und integrativ zu...

  • Amundi (France)
    12 January 2018 Company/business organisation
    Amundi (France)

    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 keeping open all possibilities from professional best practices to detailed regulation, the EC should, in Amundi’s view, duly consider the following...

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Public consultation

Feedback: closed
Feedback period
18 December 2017 - 26 February 2018 (midnight Brussels time)
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Draft act

Feedback: closed
Type

Draft delegated regulation
More about draft acts

Feedback period
24 May 2018 - 21 June 2018 (midnight Brussels time)
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Download (217.8 KB - PDF - 8 pages)

Feedback (10)

  • London Stock Exchange Group (United Kingdom)
    21 June 2018 Company/business organisation
    London Stock Exchange Group (United Kingdom)

    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 particular for our ExtraMOT Pro market to consider the potential benefits of applying for SME Growth Market status. We note the additional provisions...

  • EuropeanIssuers (Belgium)
    21 June 2018 Company/business organisation
    EuropeanIssuers (Belgium)

    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 Listing Package overall, as well as we are providing detailed comments on MIFID II level 2 adjustments. We will comment on the Commission proposals for...

  • Euronext (Belgium)
    21 June 2018 Company/business organisation
    Euronext (Belgium)

    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 its goal to strengthen the European economy and ensure easier access to markets for all companies, including growth companies which are the backbone...

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Commission adoption

Feedback: closed
Type

Proposal for a regulation
More about adopted acts

Adopted on
24 May 2018
Feedback period
25 May 2018 - 25 July 2018 (midnight Brussels time)
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Download (556.7 KB - PDF - 24 pages)
Download (276.9 KB - PDF - 4 pages)
Download (3.4 MB - PDF - 115 pages)
Download (372.1 KB - PDF - 6 pages)

Feedback (10)

  • London Stock Exchange Group (United Kingdom)
    25 July 2018 Company/business organisation
    London Stock Exchange Group (United Kingdom)

    • 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 therefore caution against any dilution of standards. Ensuring that the SME GM regime becomes a truly valued designation will not be achieved through...

  • Nasdaq (Belgium)
    25 July 2018 Company/business organisation
    Nasdaq (Belgium)

    Please see attached document.

  • Deutsche Börse Group (Germany)
    25 July 2018 Company/business organisation
    Deutsche Börse Group (Germany)

    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 medium-sized enterprises (“SME”; “SME Growth Market”) as part of finalising the Capital Market Union (“CMU”). CMU is the key to preserve and increase...

All feedback (10) >
Type

Delegated regulation
More about adopted acts

Adopted on
13 December 2018
Download (270.6 KB - PDF - 10 pages)

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