L-Att dwar il-Listing hija kundizzjoni meħtieġa iżda mhux suffiċjenti għall-Unjoni tas-Swieq Kapitali – Alfred Sant

L-eks Prim Ministru Alfred Sant innota li l-ħidma teknika u politika fuq il-Listing Act li għaliha huwa rapporteur għall-Parlament Ewropew se twassal għal proċeduri aktar faċli u inċentivi għan-negozji żgħar u medji Ewropej li joffru ishma lill-pubbliku. Madanakollu, dan mhux se jkun faċli minħabba li din mhix biss problema teknika iżda teħtieġ bilanċ bejn ir-regolamenti li se jsiru inqas riġidi u l-ħtieġa li fl-istess waqt l-investituri jkunu protetti.

Bħala parti mill-ħidma li għandha twassal għall-adozzjoni tal-Att dwar il-Listing, matul dan ix-xahar Alfred Sant ipparteċipa f’forum dwar l-Istruttura tas-Suq tal-Unjoni Ewropea organizzat minn Europeanissuers u f’konferenza tad-Deutsches Aktieninstitut bl-isem “The European Union Listing Act on the Home Stretch”. Iż-żewġ organizzazzjonijiet jirrappreżentaw istituzzjonijiet finanzjarji fl-Ewropa involuti f’attivitajiet tas-suq kapitali.

  “Għandna bżonn nisħqu fuq li s-swieq nazzjonali ma jibqgħux frammenti mifruda minn xulxin, u li nevitaw li jinfirdu aktar filwaqt li ninkoraġġixxu l-konverġenza bejn l-istess swieq nazzjonali”. Fl-istess ħin, “il-prinċipju tal-proporzjonalità jrid jiġi rrispettat”, sostna Sant waqt il-forum dwar l-Istruttura tas-Suq (Market Structure) tal-Unjoni Ewropea.

L-Unjoni tas-Swieq kapitali hija pjan biex jinħoloq suq uniku għall-kapital ħalli l-fondi, l-investimenti u t-tfaddil jiċċirkolaw madwar l-Unjoni. Bħala parti minn dan il-proċess, l-Att dwar il-Listing għandu l-għan fost l-oħrajn li jtejjeb l-aċċess għas-swieq tal-ishma partikolarment għan-negozji żgħar u medji, u li jnaqqas l-ispejjeż regolatorji u ta’ osservanza għall-kumpaniji li jfittxu li jidħlu fil-lista.

Alfred Sant sostna li l-Att dwar il-Listing huwa kundizzjoni meħtieġa biex il-proġett tal-Unjoni tas-Swieq Kapitali jimxi ‘l quddiem iżda waħdu mhuwiex biżżejjed. “Il-progress f’dal qasam se jibqa’ dipendenti fuq l-iżviluppi simili ta’ inizjattivi oħra li qed jittieħdu”, huwa sostna.

Waqt il-konferenza dwar l-Att dwar il-Listing “The European Union Listing Act on the Home Stretch”, Alfred Sant enfasizza fuq l-importanza kbira li l-Att dwar il-Listing jgħaddi mill-proċessi parlamentari li fadal sal-aħħar ta’ Novembru sabiex ikunu jistgħu jinbdew in-negozjati mal-Kunsill bil-għan li l-liġi tiġi maqbula sar-rebbiegħa tal-2024.

Matul Settembru, kull ġimgħa saru laqgħat tekniċi u politiċi bejn rappreżentanti tal-gruppi politiċi fil-Parlament Ewropew biex jippruvaw jaslu għal test miftiehem fuq il-bażi ta’ kompromessi bejn it-testi varji li ġew proposti. Sant iddikjara li qed isir progress gradwali u konsistenti. Huwa qal li jittama li jkun jista’ jintlaħaq qbil fil-ħin dwar test finali mill-Parlament Ewropew biex imbagħad ikunu jistgħu jsiru aktar negozjati mal-Kunsill tal-Ministri Ewropew.

---

The Listing Act is a necessary but not sufficient condition for the Capital Markets Union – Alfred Sant

Former Prime Minister Alfred Sant noted that the technical and political work on the Listing Act for which he is rapporteur for the European Parliament will pave the way for easier procedures amd incentives for European SMEs that offer shares to the public. However, this will be no easy feat beause this is not just a technical problem but requires a balance between making regulations less burdensome and the need to mainatain protection for investors.

As part of the build up leading to the adoption of the Listing Act, during September Alfred Sant participated in a forum on the European Union’s Market Structure organized by Europeanissuers and in a Deutsches Aktieninstitut conference entitled “The European Union Listing Act on the Home Stretch”. Both organizations represent financial institutions in Europe involved in capital market activities.

 “We need to reduce and prevent fragmentation while encouraging convergence between national markets”. At the same time, “the principle of proportionality has to be respected,”  Sant claimed during the forum on the European Union’s Market Structure. 

The Capital Markets Union (CMU) is a plan to create a single market for capital to get funds, investments and savings flowing across the Union. As part of this process, the Listing Act aims among others to improve access to stock markets particularly for SMEs and to reduce regulatory and compliance costs for companies seeking to list. 

Alfred Sant claimed that the Listing Act is a necessary condition for the Capital Markets Union project to progress but it is not a sufficient one. “Progress will remain dependent on parallel development of other initiatives that are being taken”, he claimed. 

During the conference on the European Listing Act on the Home Stretch, Alfred Sant emphasized the urgency of guiding the Listing Act through the remaining parliamentary processes by end november so that negotiations with the Council can begin with the aim of concluding and passing the law by early spring 2024.

During September, technical and full political meetings between representatives of the political groups in the European Parliament were held every week to try to arrive at an agreed text on the basis of compromises between the various texts that have been proposed. Sant stated that slow but steady progress has been made and said he was hopeful that a final text could be agreed in time by the European Parliament to enable then further negotiations with the European Council of Ministers.