This change may be involved in early 2010

Then the stock attracted more and more difficult to SMEs, as evidenced the lack of ratings in recent months, the place takes action to make attractive market. The Ministry of the economy held yesterday, meeting with Nyse Euronext, the authority of financial markets, the Caisse des Dépôts and recording and OSEO, as well as with representatives of listed companies. This meeting follows a report in early September by Thierry Giami, fund deposits, and Marc Lefèvre, Nyse Euronext, advocating a 30 tracks ("Les Echos" from September 14).

Each of the partners present yesterday has commitments intended to simplify and promote access to the market for SMEs. Fifteen concrete measures have been announced in this sense. A Steering Committee was set up, for an update on these in 2010. At the Ministry, Christine Lagarde has again indicated his willingness to propose to the European Commission a ""small business act"(SBA) European stock market law".Fabrice Demarigny, Mazars, an associate is given a mission of proposals on this topic. The objective is to ease the obligations and to adapt the European directives "market abuse", "prospectus" and "transparency" so that they take into account the specificities of the SMEs. "The idea is to create term status of average value at European level." "This is probably the flagship measure, the more structuring", welcomed Caroline Weber, Executive Director of Middlenext.

Christine Lagarde propose, on the other hand, to insert into the law of banking and financial regulation, which will be presented by the end of the year, OPA mandatory and mandatory withdrawal offer provisions listed SME. The passage of the Eurolist to Alternext should be made quickly as possible. "I know at least 20 interested companies," said Caroline Weber.

On Nyse Euronext, Jean-François Theodore said he wanted to double the number of listed companies on Alternext (currently at 116, in Paris) over a period of eighteen months, to then arrive and around 350 current 2012. Marc Lefevre had been even more optimistic in its forecasts in early September, speaking 600 here in three years.

To do this, the market operator will lower the threshold of private placement on Alternext from 5 to 2.5 million euros. This change may be involved in early 2010. "It was very expected." "In view of declining valuations with the crisis, many SMEs could not access the stock market", said Yannick Petit, President of Allegra Finance, specialized in introductions.

Clues dedicated to SMEs

The operator will, moreover, as early as next month launch a platform to improve service to SMEs and soon create new dedicated clues that will improve the liquidity.

Because the measures announced yesterday are also designed to attract and increase the presence of institutional investors. Thus, the CDC will invest 100 million extra on the SME market listed, which will be added to its portfolio dedicated to SMEs of 700 million. OSEO is committed to coverage of bond issues grouped by many SMEs. The four institutions and the Ombudsman of the credit will create a small health observatory, hosted by the CDC. At the same time, a working group on independent financial analysis on SMEs will be implemented.