Activites

• 1998/10/12 Final act published in Official Journal
• 1998/09/17 Decision by Parliament, 1st reading/single reading
  • T4-0524/1998 summary

    Adopting the report by Mr Mark HENDRICK (PSE, UK), the European Parliament noted that there are currently 50 companies listed on Euro-NM and 22 on EASDAQ (European Association of Securities Dealers Automated Quotation), that the total capital raised is over ECU 170 million and that this has contributed to the creation of more than 10,000 jobs and commended the establishment in the EU of a number of capital markets for growing SMEs which allow these firms direct access to capital. Parliament urged the Commission to analyse how direct and indirect share ownership by individuals may be encouraged and to give consideration to information campaigns to encourage individuals and organisations to invest in SMEs through the capital markets. It also called on the Member States to: - incorporate incentives in their tax systems to encourage individuals to provide venture capital for SMEs; - adopt employment-friendly tax policies (lower labour costs will allow rapidly growing SMEs to expand); Parliament considers that the taxation of capital and assets must not have an adverse effect on the investment of venture capital by individuals. It rejected any idea of a ?Tobin? tax as such as tax would represent a direct threat to capital markets. Parliament called for existing listing criteria to be used for the purposes of floating companies on the European stock markets. Finally it called on the Commission to examine the consequences of a lack of a common definition of a public offer in the EU.�

• 1998/09/16 Debate in Parliament
  • Debate in Parliament
• 1998/05/25 Vote in committee, 1st reading/single reading
  • A4-0202/1998
• 1997/09/15 Committee referral announced in Parliament, 1st reading/single reading
• 1997/05/05 Non-legislative basic document published
  • COM(1997)0187 summary

    OBJECTIVE: This communication aims to set out the prospects and potential obstacles to progress for European capital markets for small and medium sized enterprises. SUBSTANCE: The Commission communication endeavours to better define the potential obstacles to the efficient operation of the new capital markets for growing SMEs. First of all it defines recent developments in the creation of SME-capital markets in Europe and discusses their perspectives; it then outlines the many barriers of attitude and capability regarding stock market quotation which can hinder SMEs from seeking a flotation; finally, it deals with more specific barriers to cross-border trading in equities in general and on SME-capital markets in particular, for example in the regulatory and legal fields. The Commission concludes that the new capital markets for SMEs should be encouraged, not only for their direct benefits in potentially allowing enterprises access to long-term finance, but also because of the positive role they could play in stimulating venture capital and financial services in Europe. For these reasons, the Commission believes that the opportunities provided by the creation of national and European capital markets for growing SMEs should be maximised. It advocates the establishment of a genuine SME equity culture in Europe. �

Documents

• Non-legislative basic document published: COM(1997)0187
• Committee report tabled for plenary, single reading: A4-0202/1998
• Debate in Parliament: Debate in Parliament
• Decision by Parliament, 1st reading/single reading: T4-0524/1998

History

(these mark the time of scraping, not the official date of the change)