FOR IMMEDIATE RELEASE
Brussels, 30 September 2015
The European accountancy profession strongly supports the European Commission’s efforts to create deeper and stronger capital markets. Professional accountants, in their diverse capacities, bring the indispensable trust, transparency and comparability that capital markets need and they advise SMEs on financing opportunities.
As the umbrella organisation for the accountancy profession, FEE will inform this policy process independently. The proposals in the Action Plan released today align with FEE’s commitment to increasing European companies’ access to finance and making the financial system more resilient. FEE will especially contribute expertise and practical knowledge on the following proposals:
- Modernise the Prospectus Directive with a proportionate regime for SMEs to draw up prospectus and access capital markets
- Examine ways to address debt-equity bias as part of the broader work on tax policy
- Review regulatory barriers to small companies for admission to trading on public markets
- Set up an advisory capacity and structure to facilitate companies’ access to raise capital on public markets
- Explore with the IASB (International Accounting Standards Board) the possibility of developing a voluntary tailor-made accounting solution for companies admitted to trading on SME Growth Markets
- Examine the governance and financing of European Supervisory Authorities
Better Regulation, both at European and national level, will be essential in integrating capital markets. Legislation should be simpler, without overlaps, and should not pose extra burdens on stakeholders.
European SMEs should be at the centre of these efforts. Therefore FEE, ESBG (European Savings and Retail Banking Group) and UEAPME (European Association of Craft, Small and Medium-sized Enterprises) will shortly present common ideas on improving access to finance for all SMEs under the Capital Markets Union. FEE is ready to join forces with other stakeholders to advance the European economy on topics such as market integration and SMEs’ access to finance.
European Commission – Capital Markets Union website
FEE comments on the Public Consultation on Building a Capital Markets Union (CMU)
FEE comments on the review of the Prospectus Directive
FEE (Federation of European Accountants) is an international non-profit organisation based in Brussels that represents 47 institutes of professional accountants and auditors from 36 European countries, including all of the 28 EU member states. FEE has a combined membership of more than 800,000 professional accountants, working in different capacities in public practice, small and large accountancy firms, businesses of all sizes, government and education – all of whom contribute to a more efficient, transparent and sustainable European economy.
For more information:
Tel: + 32 2 893 33 60