On Thursday 13 December, the European Commission put on the table new rules aimed at diversifying the sources of financing for small and medium-sized enterprises (SMEs).
The objective: to further facilitate the registration of trading platforms as ‘SME growth markets’, a new category of trading platforms for small issuers.
To this end, the Commission proposes to broaden the current definition of SMEs, in order to make these markets more attractive to small issuers and investors.
The rules also aim to ensure a minimum level of liquidity in SME growth markets, thereby helping to increase investor confidence in this asset class, the Commission explains.
In addition, operators in the SME growth market will benefit from greater flexibility in terms of reporting requirements, which will reduce the administrative burden on SMEs.
The proposed amendments take the form of an amendment to the delegated regulation, under the Markets in Financial Instruments Directive (MiFID II). They are expected to enter into force in three months' time, unless the European Parliament and the Council object. (Original version in French by Marion Fontana)