The Economy Minister, Christine Lagarde, hopes that SMEs and mid-cap companies (ETI) employing less than 5 000 people found the path of the Exchange. It proposes that the European Commission to set up a "small business act" of securities law. For this she draws the report to be presented Demarigny Fabrizio, director of capital markets activities of the Mazars Group. The document proposes 20 measures to establish a financial environment and regulatory framework. Because SMEs are less likely to go public. According to the European Central Bank, only 1% of European SMEs have issued shares or calls to investors.

The report proposes that the Small Business Act adopted in Europe in June 2008 to promote SME development should be extended to securities law.

Fabrice Demarigny recommends "creating a European definition" for this category of companies listed named "smilies" – "small and medium sized issuers listed in Europe 'cash advance . That would be "at the IPO companies for which the amount of funds raised is less than 75 million euros. Member States should be able to set a lower threshold for the companies they own the home Member State ".

Standards Simplified

Fabrice Demarigny proposes that the documentation requirements for listed companies is shorter and more readable for large groups. For example, financial information could cover only two years. Companies are allowed to publish their financial reports within three months instead of two now.He asked that the IFRS to be adopted by all companies are simplified by giving them the opportunity to use the IFRS for SMEs. For it is "thinking small" that Europe can expect to find a new economic breath.

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