On December 7, 2022, the European Commission announced a package of measures called the "Listing Act package". With these measures, the Commission successfully continues the CMU plan from 2020 to make EU Capital Markets more attractive to SME entrepreneurs and investors. For the purpose in October 2020 European Commission formed the "Technical expert group for small and medium-sized enterprises". Regional stakeholder interests were presented on behalf of the Exchange by Morana Plejić, Head of the Progress market on Zagreb Stock Exchange.
The goal is to simplify and reduce costs of financing on the capital markets. However, the amendments will also significantly affect post-listing costs and post-listing requirements. Following changes have been announced:
- Regulation on the Prospectus (Regulation (EU) 2017/1129) - ("PR")
- Regulation on Market Abuse (Regulation (EU) No. 596/2014) ("MAR")
- Regulation on Markets in Financial Instruments (Regulation (EU) No. 600/2014) ("MiFIR")
But the European Commission also mentions the adaptation of ESG requirements for small and medium-sized enterprises (Corporate Sustainability Reporting Directive (CSRD)), which is certainly a good sign.
More about the proposals of the Technical Expert Stakeholder Group for Small and Medium Enterprises