Commission publishes report on COSME programme
The report, published on 11 November, assesses the performance of the European Commission’s (EC) COSME programme, which aims to improve the competitiveness of enterprises, especially SMEs.
The report outlines achievements in key areas such as facilitating SMEs’ access to finance and digital information services. It concludes that the COSME programme is on track to reach its objectives, and its actions continue to be relevant for fostering economic growth and creating employment opportunities, while being aligned to the evolving needs of SMEs. Read more
Commission publishes public consultation on SME listings
The objective of the public consultation is to inform EC’s decision-making ahead of a legislative proposal next year aiming to alleviate listing rules for SMEs. It was published on 19 November, and stakeholders have until 11 February 2022 to provide feedback. There are, in fact, 2 parallel consultations:
- a more generic one for a broader range of stakeholders
- a targeted consultation for capital market experts asking for feedback on specific pieces of legislation (and contains all the questions of the generic consultation too)
One of the measures under EC’s consideration is a simplified and shorter prospectus for SMEs that want to get listed. This is one of the long-standing demands of Accountancy Europe (see here and here).
EU financial instruments supported European SMEs during the coronavirus crises with €29 billion in 2020
EC has published the Annual Summary Report on the implementation of financial instruments in 2020. The report shows that financial instruments have supported European SMEs and other recipients for a total of EUR 29 billion in 2020. Out of these, EUR 21.6 billion (of which EUR 7 billion for working capital) under the European Structural and Investment Funds (ESIF) have underpinned 478,000 SMEs, including 375,000 microenterprises. Read more
Commission alters SME access to finance state aid guidelines
EC published on 6 December new technical improvements to the EU Guidelines on State aid to promote risk finance investments. The improvements would allow EU countries to set up dedicated support for young and innovative businesses and steer investments to the relevant fields for a greener and more digital economy. Read more