SME growth markets

On 3 December, the European Parliament's ECON Committee adopted its report on SME growth markets.

Broadly speaking, the ECON Committee listened to AMAFI's proposals (AMAFI / 18-44), because the report, while not distinguishing companies according to size criteria, not only allows Euro PP-type private placements to be excluded from the market sounding framework but also recognises the ability of issuers to be covered by a liquidity contract based on a European template (still to be defined) if there is no national practice. On the question of paying for research under MiFID 2, the European Commission has a mandate that gives it until 31 December 2019 to assess the impact of provisions that apply the inducements regime to managers that acquire research services.

The Romanian Presidency of the EU Council has announced that talks on this matter will begin during the second portion of its mandate.