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ESMA has published its final report on SME GMS – MiFID II. This final report aims at identifying solutions that should facilitate the functioning of SME GMs and foster investment in SME securities. The report suggests that the SME GMs regime in the EU, as it stands, has been relatively successful, with seventeen MTFs registering as SME GMs to date. Nevertheless, acknowledging that SMEs need further incentives to access capital markets, the report suggests targeted amendments to the SME GM regime in the MiFID II framework, aiming at simplifying investors’ access to information and promoting concentration of liquidity on SME GMs. ESMA is aware of the wider ongoing discussion to make capital markets more efficient for SMEs in the context of the CMU and fully supports such initiative, standing ready to contribute to this wider discussion with technical input if and where needed.

The document is divided into 4 sections. Section 2 provides a general introduction. Section 3 presents a qualitative and quantitative analysis of the current state of play of SME GM in the EU. Section 4 presents for each topic subject to consultation the legal background, the indication of the feedback received to the consultation and ESMA’s assessment and recommendations for the relevant proposal. The Annexes detail the relevant mandate and the summary of the responses received to questions included in the CP.

 

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