Empowering EU Capital Markets- Making listing cool again Final report of the Technical Expert Stakeholder Group (TESG) on SMEs

Technical Expert Stakeholder Group (TESG) on SMEs, 2021

117 Pages Posted: 11 Jun 2021

See all articles by Eduardo Fernandez

Eduardo Fernandez

Northeastern University

Hans-Jürgen Friedrich

Prague Stock Exchange

Orla O’Gorman

Euronext Dublin

Gerhard Huemer

SMEunited

Luboš Mazanec

Independent

Jesús González Nieto-Márquez

BME Growth

Lena Österberg

Carnegie - Department of Sustainability Research and Strategy

Lukas Plattner

AssoAim – Associazione Emittenti AIM Italia

Morana Plejić

Zagreb Stock Exchange Inc.

Andrea Vismara

Equita Group S.P.A.

Date Written: May 25, 2021

Abstract

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 finalized in May 2021 and culminated with their final report setting out 12 concrete recommendations to foster SME listing.

As per action 2 of the new CMU action plan, the Commission will now thoroughly assess the proposals made by the TESG and explore possibilities to simplify listing rules for public markets, in order to facilitate and diversify small and innovative companies’ access to funding.

Keywords: European Commission, CMU, Action Plan 2020, Corporate Governance, Company Law, Cross-Border Mobility, Harmonization, Regulatory Arbitrage, Groups of Companies, Simplification, Long Term Ownership

JEL Classification: G34, G38, H77, K22, K31

Suggested Citation

Fernandez, Eduardo and Friedrich, Hans-Jürgen and O’Gorman, Orla and Huemer, Gerhard and Mazanec, Luboš and Nieto-Márquez, Jesús González and Österberg, Lena and Plattner, Lukas and Plejić, Morana and Vismara, Andrea, Empowering EU Capital Markets- Making listing cool again Final report of the Technical Expert Stakeholder Group (TESG) on SMEs (May 25, 2021). Technical Expert Stakeholder Group (TESG) on SMEs, 2021, Available at SSRN: https://ssrn.com/abstract=3858732

Eduardo Fernandez

Northeastern University

220 B RP
Boston, MA 02115
United States

Hans-Jürgen Friedrich

Prague Stock Exchange

Czech Republic

Orla O’Gorman

Euronext Dublin

Ireland

Gerhard Huemer

SMEunited

Belgium

Luboš Mazanec

Independent ( email )

Lena Österberg

Carnegie - Department of Sustainability Research and Strategy

Sweden

Lukas Plattner (Contact Author)

AssoAim – Associazione Emittenti AIM Italia

Italy

Morana Plejić

Zagreb Stock Exchange Inc.

Croatia

Andrea Vismara

Equita Group S.P.A.

Italy

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