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Proposal for a decision

Promoting SME growth markets: Commission proposal for a regulation amending the market abuse regulation and the prospectus regulation


Publication date
24 May 2018 (Last updated on: 18 April 2019)
Directorate-General for Financial Stability, Financial Services and Capital Markets Union


The European Commission proposes to adopt more proportionate rules to support SME listing while safeguarding investor protection and market integrity. The initiative is confined to “SME growth markets”, a new category of multilateral trading facilities created by the Markets in financial instruments directive (MiFID II) as of January 2018 to facilitate access to capital for SMEs.

The initiative includes two texts

The new rules proposed by the Commission aim to

  • reduce the administrative burden and the high compliance costs faced by SME growth market issuers while ensuring a high level of market integrity and investor protection
  • foster the liquidity of publicly listed SME shares to make these markets more attractive for investors, issuers and intermediaries
  • facilitate the registration of multilateral trading facilities as SME growth markets

More information:

On 27 February 2019 Member States reached a general approach on this proposal.

On 18 April 2019, the European Parliament endorsed the SME growth markets proposal.


24 MAY 2018
Feedback statement of the public consultation on building a proportionate regulatory environment to support SME listing
(2.23 MB - PDF)