AMAFI, together with AFTI and FBF, responded to the European Commission's consultation on the listing act, which aims to make European capital markets more attractive to companies and more simple for SMEs. The objective is to facilitate companies' access to markets while preserving a high level of investors’ protection. This objective is also part of the UMC package. AMAFI believes it is important to promote liquidity and to maintain high standards of investors’ information, to promote research, including issuer-sponsored research, and to restrict product governance requirements for certain types of products. The Association also points out that legislative stability is necessary and that any new intervention must be strictly calibrated to the objectives.