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SME equity funding: expected impacts from the Listing Act, ESAP proposals

Day 2 Afternoon

Thursday 27 April

Room :



Carmine Di Noia
Director of Financial and Enterprise Affairs Directorate - Organisation for Economic Co-operation and Development
Public Authorities
Alexandra Jour-Schroeder
Deputy Director-General - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Peter Palus
Member of the EFC/EWG & Head of Unit, Financial - Permanent Representation of the Slovak Republic to EU
Vincent Remay
Advisor to the Chairman - Tradition
Other stakeholder & expert
Kęstutis Kupšys
Member - European Economic and Social Committee


This session will first discuss the current trends in terms of SME equity funding and IPOs in the EU, the impact of the current macro-economic environment in this area and the key issues and obstacles to address regarding SME equity funding.
Secondly, the panel will assess the impacts that can be expected from the Listing Act proposal and the European Single Access Point (ESAP) initiative on the development of SME equity funding, the conditions of success of these proposals and whether additional measures may need considering for developing SME equity funding. The possible impact on SME equity funding of other CMU actions may also be touched on (e.g. consolidated tape, Retail Investment Strategy…).

Points of discussion

  1. How are SME equity funding and the IPO market evolving in Europe and what is the impact of the current macro-economic and monetary environment? What are the obstacles hindering SME equity funding on the issuer and investor sides? What is the extent of the current equity funding gap in Europe and its implications?
  2. Will the proposals of the EU Listing Act and the implementation of the European Single Access Point (ESAP) have a significant impact on SME equity funding in the EU? Does the Listing Act proposal need adjusting in any way? What impact can be expected from other CMU initiatives for the development of SME equity funding and are any further actions needed? Should the CMU action plan be more differentiated between member states with relatively developed SME markets and those where they are inexistent?