EEPA

2. Policy session: Alternative roads to finance for SMEs
20 November 2015
Capital Markets Union (CMU)
Martin KOCH
Policy Officer
Unit C1 - Capital Markets Union
Directorate General for Financial Stability, Financial Services
and Capital Markets Union (FISMA)

3. • Stable financial system
– Greater variety of funding options cushion the impact of a contraction in
bank lending
– More developed equity markets support long-term investment
• Integrated financial system
– Deeper and more liquid markets lower costs and increase competitiveness
– MS with small and large capital markets can benefit
– Facilitate shock absorption within EMU (risk-sharing
CMU: Stronger capital markets support
investment, growth & jobs

4. CMU Action Plan: Actions in 6 key areas

5. Actions for alternative ways of finance:
 Crowdfunding
 Business Angels
 Venture Capital (EuVECA; Fund-of-Funds)
 Loan finance (STS securitisation; loan originating funds)
 Better information, support and advice
For non-listed companies (for mid-caps; SMEs?)
 Private placements
 Covered bonds
CMU Action Plan: Finance for start-ups and SMEs