Access to Finance and Capital Markets Union

Nasdaq provides financing capabilities to large and small enterprises. This includes initial public offerings as well as share issuance by existing listed companies or also by way of acquisition of existing listed companies. All these financing modes allow for companies to finance their development and growth.

Public markets run by Nasdaq make companies in search of capital meet investors both private and institutional. They provide pricing and visibility for their shares to issuers and fair treatment to investors by ensuring that financial and other key information on the shares are disclosed to all investors.

There is a substantial societal value in making it easier to invest in small companies. In Sweden in the last 10 years, around 80% of all new jobs have been created in companies with fewer than 50 employees.

SMEs belong to the best performing, yet most vulnerable group of companies, sensitive to market shifts and economic development more than large companies. They continuously struggle to access finance, especially in the early stage, which has often detrimental effect. Out of the 23 million of European SMEs, only 11 thousand access today the capital markets.

July 2018

Nasdaq’s response to European Commission’s proposal for a Delegated Regulation amending Commission Delegated Regulation as regards certain registration conditions to promote the use of SME growth markets for the purposes of Directive of the European Parliament and of the Council. Read the response >


Nasdaq’s reply to European Commission’s Consultation to Barriers to listing SMEs: Building a proportionate regulatory environment to support SME listing. Read the reply >

October 2017

Nasdaq's reply to ESMA's consultation paper on formal and content of the Pospectus. Read the response >

Nasdaq's reply to ESMA's consultation paper on EU Growth Prospectus. Read the reply >

March 2017

Nasdaq's reply to European Commission's Mid-term Capital Markets review. Read the reply >

October 2016

Nasdaq's reply to the European Commission consultation on personal pension framework. Read the Response >

September 2016

ESMA’s Discussion paper on the Distributed Ledger Technology applied to Securities Markets. Read the Paper >

June 2016

Nasdaq's reply to COM Consultation Insolvency, June 2016. Read the Response >

March 2016

Please read Nasdaq's reply to European Commission's consultation on Retail Financial Services, March 2016. Read the Response >

February 2016

Read Nasdaq's White Paper on CAPITAL MARKETS UNION: The Road to Sustainable Growth in Europe >

January 2016

Read the Nasdaq Reply to the European Commission's Call for Evidence Regarding the EU Regulatory Framework for Financial Services: Nasdaq COM Cumulative Impact Jan 2016 >

May 2015

In its reply to the European Commission´s Green Paper on the Capital Markets Union, Nasdaq is proposing, among others, the following actions:

  • Having two additional priorities for the CMU: boosting public market based financing and restoring local ecosystems
  • Developing an equity culture
  • Creating incentives for companies to list (including tax incentives) and foster investment in SMEs
  • Keeping flexible requirements for SMEs listing on SME growth markets (i.e. no requirement of SME EU GAPs or of a European prospectus)
  • Establishing guidelines to foster the investment of ELTIFs in SMEs
  • Developing further specific funds targeting SMEs
  • Facilitating and encouraging outside investment by adopting clear and stable rules regarding access to European capital markets
  • Offering individuals a choice of products in which to invest their pension money
  • The role that regulated markets can play in facilitating high quality securitization
  • The need for alignment of insolvency rules especially for the functioning of bond markets and the use of collateral

In its reply, Nasdaq also explains why the establishment of a Financial Transaction Tax would undermine the aims of the CMU, as well as why the CMU should not focus on creating an consolidated tape. Download the Reply

IPO Task Force Reports

Nasdaq has conducted IPO Task Forces in the Nordic markets and also contributed in a European Task Force. Download the Reports form these Task Forces here: IPO Task Force Reports: Iceland, Finland,Sweden and Denmark

European Small and Mid-Cap Awards

Nasdaq works with the annual European Small and Mid-Cap Awards.

Link to 2014 event >

Link to 2013 event >

Nasdaq Public Policy Advocates

Advocating for ambitious companies
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