SME Growth Markets: Can they deliver on the promise?

Issuing equity or debt instruments can provide SMEs with the stable, long-term financing that bank lending typically does not. MiFID 2 introduced a new sub-category of multilateral trading facility (MTF) known as SME Growth Markets, with the promise to address both supply and demand problems, specifically by reducing compliance costs, lifting regulatory barriers and enhancing liquidity. But among the 40 MTFs across the EU that focus on SMEs, only three have made use of this designation so far. 

Last month, the Commission proposed amendments to the Market Abuse Regulation (MAR), the Prospectus Regulation and to delegated acts under MiFID II. It will also be looking at the potential impact of MiFID II rules on SME research coverage, and at how EU financial support can help SME Growth Market issuers. 

Among the issues to be discussed at the meeting will be:

  • Does the current capital market ecosystem allow SMEs to grow, mature and reach their full potential? 
  • Should the criteria used to define an SME Growth Market be modified, if so, how? 
  • Does the current framework facilitate the move of companies from SME Growth Markets to the regulated markets?
  • Should regulated markets (or certain segments) be treated as SME Growth Markets? 

Registration and sandwich lunch from 12:30. Meeting from 13.00 to 14.30

Please click here for full agenda

19
July 2018
Thursday
13:00-14:30

1415

Speakers

Florian Denis
Policy Officer, Capital Markets Union, DG FISMA, European Commission
Florence Bindelle
Secretary General, European Issuers
Gerhard Huemer
Director for Economic and Fiscal Policy, UEAPME
Eric Forest
Head of Listing France & CEO of EnterNext, Euronext
Cedric Pacheco
Manager, Capital Markets, AFME
Barbara Lunghi
Head of Italy Equity Primary Markets, Borsa Italiana - LSEG

Chair

Fabrice Demarigny
Global Head of Financial Advisory Services and Capital Markets Activities, Mazars, and Chairman, ECMI Board

SME Growth Markets: Can they deliver on the promise?

Contact: 
Organiser: 
19
July 2018
Thursday
13:00-14:30
Registration is free of charge for ECMI/CEPS members, EU/national officials, full-time academics, PhD students (subject to available seats), NGOs (not representing industry sectors or a commercial interest) and press. Other participants may be admitted for €175 (VAT included, payable in advance or at the registration desk.

1415

CEPS Conference room

Place du Congrès 1 - 1000 Brussels