1st part - Christine Lagarde at CEPS on 18 March 2010

A small business listing act for the EU?

How to create a more favourable listing environment for small and medium enterprises (SMEs) in the EU was the subject of debate at a conference organised by the European Capital Markets Institute on March 18th. The French Minister of Economy, Industry and Employment, Christine Lagarde, opened the conference with the key points of a report on this topic commissioned by her ministry to Fabrice Demarigny, former Secretary General of the Committee of European Securities Regulators (CESR). Lagarde underlined the importance of SMEs as drivers of growth, employment and innovation, and called for a more “proportionate” approach towards regulatory and accounting requirements for SMEs. The speakers analysed the financing tools available to SMEs and confirmed the downward trend for IPOs (initial public offers) in Europe. Excessive disclosure, administrative burdens and lack of liquidity are the main obstacles to SMEs’ access to capital markets. Regulators warned that a new regime for SMEs should take account of investor protection and market integrity.

Info: www.eurocapitalmarkets.org.