FESE supports HLF report and releases paper on post-crisis framework 

On 10 June 2020, the High-Level Forum on capital markets union (HLF) published its final report on the EU's capital markets union entitled "A new vision for Europe’s capital markets". 

The Federation of European Securities Exchanges (FESE) welcomes the recommendations brought forward by the HLF and particularly commend:
    • The recommendation to target modifications of the prospectus, market abuse and MIFID regulatory frameworks to make public listing more attractive to SMEs. More specifically, FESE supports the proposal to:
      • - Broaden the definition of an SME 
      • - Exempt SMEs from the MiFID unbundling rule
      • - Introduce an optional transitional regime for regulatory compliance of newly listed companies 
      • - Support the development of SME indices
      • - Review thresholds for a prospectus
    • The establishment of a European Single Access Point (ESAP), which would support companies, in particular in smaller Member States, to attract investors. Such a platform, which should not incur additional costs for issuers, would facilitate investors’ access to company data 

New FESE publication on post-crisis framework

As a complement to the HLF report, FESE has published a paper entitled "A post-crisis framework for European capital markets" where it outlines what needs to be done to support the economy in its recovery by assessing the role of capital markets for financial stability and growth, and the role of lit markets for liquidity and price formation.