Local view for "http://purl.org/linkedpolitics/eu/plenary/2017-04-04-Speech-2-616-000"

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"Mr President, I would firstly like to congratulate the rapporteur, Petr Ježek, on this report. For me and my group it fulfils many of our priorities: reducing legal costs and red tape, reducing fragmentation of practices amongst Member States, unlocking liquidity from institutional investors, harmonising investor protection rules and avoiding a race to the bottom across Member States. A key proposal that my group was instrumental in getting agreed is the proposal of the SME growth prospectus, which means that SMEs in the EU will be able to use one standard harmonised document to raise capital, a major step forward compared to the current system. Based on this simple document, SMEs will be able to follow an easy process to raise funds across the EU. Importantly, this legislation will also allow for crowdfunding and other new forms of financing to develop European capital markets. Prospectuses are a gateway to the capital markets. However, it is also vital that issuers based in third countries can continue to access EU capital markets. To enable the Capital Markets Union (CMU) to be a success, non—EU Member States should be able to invest. Critically, given the impending departure of the UK, it could be detrimental to availability of capital for SMEs, given that the UK accounts for 60% of the EU capital markets business. This is a serious consequence and CMU is in danger of becoming CMU-lite in terms of delivering jobs and growth in the future of the EU 27. Therefore prospectuses approved by non-EU countries fulfilling equivalence requirements could be used in the future in the EU."@en1

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