Business confederations call on the legislators to fight back against proposals that may hijack the EU Listing Act. The proposals risk limiting the access to capital for companies, not least SMEs, says Maria Larsson, senior legal advisor.
As the legislative procedure relating to the Listing Act, and notably the proposal for a Directive on multiple-vote share structures in companies that seek the admission to trading of their shares on an SME growth market moves into trialogue, European business confederations now jointly call on the EU legislators to stay focused on the purpose of the Listing Act and make sure that its important objectives are materialized, meaning we strengthen the capital markets within the EU and improve conditions for SMEs, our most important catalyst for growth.
Many of the innovations and technologies that we need for the green transition and digitalization come from SMEs
Proposals remaining to be discussed are clear deviations from the purpose of the Directive and would be deeply counterproductive, not least for future European growth companies. Many of the innovations and technologies that we need for the green transition and digitalization come from SMEs. If they don’t have access to growth capital, their technologies will never reach the market. We need to avoid that these important businesses are forced to leave Europe to find capital markets elsewhere without restrictions now proposed.
The joint statement from business confederations in Italy, the Netherlands, Denmark, Finland, Poland, the Czech Republic, Romania and Sweden can be found here.