On 7 December, the European Commission put forward measures to alleviate – through a new Listing Act – the administrative burden for companies of all sizes, in particular SMEs, so that they can better access public funding by listing on stock exchanges. The measures include provisions allowing company owners to list on SME growth markets using multiple vote share structures, so that they can retain sufficient control of their company after listing, while protecting the rights of all other shareholders.
In addition, the proposal will also be an important contributor to the implementation of the New European Innovation Agenda, particularly its flagship area on funding for deep tech scale-ups, as announced by the Commission in July 2022. The focus on SME growth markets and the proposal on multiple-vote shares is much welcomed by EU research and innovation stakeholders, such as tech scale-ups and innovative companies backed by venture capital. It provides further incentives to access capital markets and offer an improved exit route for venture capital investors.
- Publication date
- 8 December 2022
- Directorate-General for Research and Innovation