Speakers
Chair
Thorsten Pötzsch
Chief Executive Director of Securities Supervision/Asset Management - Federal Financial Supervisory Authority, Germany (BaFin)
Public Authorities
Rodrigo Buenaventura
Chair - Spanish Securities and Exchange Commission (CNMV)
Lïga Klavina
Deputy State Secretary on Financial Policy - Ministry of Finance of the Republic of Latvia
Luís Laginha de Sousa
Chair - Portuguese Securities Market Commission (CMVM)
Industry Representatives
Roland Chai
President European Markets, Executive Vice President - Nasdaq
Ignacio Gutiérrez-Orrantia
Head of Europe Cluster and Banking - Citi
Armand Kersten
Head of European Affairs - European Investors' Association - VEB
Gelsomina Vigliotti
Vice-President - European Investment Bank (EIB)
Objectives
This session will first discuss the current trends in terms of equity financing and IPOs in the EU, the impact of the current macro-economic environment in this area and the key issues to address to develop equity financing.
Secondly, the panel will assess the impacts that can be expected from the CMU and MiFIR review actions adopted during the current legislature for the development of equity financing and identify possible additional measures that would need considering for the next political cycle.
Points of discussion
- Current trends: How are SME equity funding and the IPO market evolving in Europe? What are the main drivers of equity funding on the issuer and investor sides? What are the obstacles hindering SME equity funding and the extent of the current equity funding gap in Europe?
- Policy measures: Are the proposals of the September 2020 CMU action plan (EU Listing Act, ESAP, ELTIF review, Retail Investment Strategy…) and the MiFIR review actions (CTP, transparency measures…) expected to have a major impact on equity financing in the EU? Will the CMU and MiFIR review have an impact on SME equity funding in all member states or mostly in those with developed SME capital markets and should more be done for countries where equity markets are under-developed? Should further measures be proposed during the next European political cycle to develop equity financing or should the focus be on implementing the actions on the table? Should the DEBRA initiative be relaunched?