With this briefing paper, we aim to add a concrete proposal to the European Commission’s efforts to establish a simplified prospectus regime for small- and medium-sized enterprises (SMEs) under the Capital Markets Union (CMU).

We suggest what information investors should find in a SME prospectus, as well as how it could be presented. Our proposal makes prospectuses shorter, simpler, and less costly to produce for SMEs, whilst increasing their relevance for investors.

The paper is a joint effort of the Federation of European Accountants, European Contact Group (ECG), and the European Group of International Accounting Networks and Associations (EGIAN).