NYSE Euronext’s Initiatives to Define an Appropriate Legislative Framework in the EU

NYSE Euronext’s European Cash & Listing, Legal and EU Government Affairs teams are working together closely to review the latest EU legislative initiatives impacting NYSE Euronext markets, with a special focus on SMEs.

The European Commission is conducting an ongoing review and adjustment of EU policies and regulatory measures across a number of areas with the aim of creating a more SME-friendly environment. Under the “Think Small First” proposals, every legislative proposal at EU level will be submitted to an “SME-test. 

EU Regulatory proposals affecting SME access to financial markets can be found in:

  • Structure and functioning of financial markets (MiFIR(D) and MAR(D))
  • Requirements for admission to trading (Prospectus Directive)
  • Requirements on ongoing disclosure obligations (Transparency Directive)
  • Other related regulations on corporate governance (Accounting, Audit)

As a major player on the stock exchanges in Europe and the United States, NYSE Euronext is very involved in these reforms and seeks to play a decisive role in defining an appropriate legislative framework for our issuer clients, by actively collaborating with the European Commission, the European Parliament and the member states.

In December 2011, the Commission put forward an SME Action Plan to improve access to financing for SMEs.  As a member of FESE’s Task Force working to facilitate SMEs access to finance, NYSE Euronext helped develop a set of six recommendations to address the challenges faced by SMEs when accessing public capital markets. These were then submitted to the “SME Finance Forum” of Enterprise DG (responsible for providing the EC with advice on SMEs related issues).The recommendations cover proposals for tax incentives, setting up investment funds to promote investments in SMEs, conducting high quality research on SMEs and ensuring new regulatory proposals to support the demand for and supply of listed SMEs.

These issues are of strategic importance for listed companies. The teams in charge of NYSE Euronext listings, together with the new European Government Affairs and Public Advocacy team, are available to discuss these topics with all our issuers.

NYSE Euronext continues to be a strong advocate for clients and the industry on key issues such as job creation, tax reform, corporate governance and market structure. The company works to provide its clients in the US and Europe with an active voice on key policy and regulatory matters, access to decision makers and key leaders in government and timely and reliable information about events and issues impacting our global markets.