Views on the TESG Report on SMEs


FESE Members fully support the goal of the Capital Markets Union (CMU) to strengthen the European economy and ensure easier access to markets for companies, notably small and medium-sized enterprises (SMEs) – the backbone and engine of the European economy.

Exchanges provide the infrastructure for public capital markets and offer an alternative source to bank financing for capital raising. The primary market plays a vital role in helping companies raise capital to finance innovation and growth.

FESE welcomes the findings of the final report of the Technical Expert Stakeholder Group (TESG) on SMEs and wishes to provide feedback on some key areas:

  • A common definition of SMEs
  • Reforming listing requirements
  • Simplify the market abuse regime
  • Dual class shares
  • Increasing SMCs visibility and profile
  • Investor categorisation
  • Creating tax incentives