AI Summary of Article 33 SME growth markets
The regulations stipulate that Member States must enable operators of Multilateral Trading Facilities (MTFs) to apply for registration as an SME growth market. The home competent authority will register the MTF if it meets specified conditions, including ensuring that at least 50% of issuers are SMEs and that robust admission and reporting criteria are in place.
Further provisions mandate that segments of the MTF are distinctly separated and clearly defined. Authorities must be notified of any registration or deregistration, and guidelines regarding trading within multiple venues are to be developed. The overarching aim is to bolster investor protection while streamlining issuer obligations.
Article 33 SME growth markets
1.Member States shall provide that the operator of an MTF may apply to its home competent authority to have the MTF, or a segment thereof, registered as an SME growth market.
2.Member States shall provide that the home competent authority may register the MTF, or a segment thereof, as an SME growth market if the competent authority receives an application as referred to in paragraph 1 and is satisfied that the conditions set out in paragraph 3 are complied with in relation to the MTF, or that the conditions in paragraph 3a are complied with in relation to a segment of the MTF.
3. Member States shall ensure that MTFs are subject to effective rules, systems and procedures which ensure that the following is complied with:
(a) at least 50 % of the issuers whose financial instruments are admitted to trading on the MTF are SMEs at the time when the MTF is registered as an SME growth market and in any calendar year thereafter;
(b) appropriate criteria are set for initial and ongoing admission to trading of financial instruments of issuers on the market;