Lejn riforma tal-proċessi tal-elenkar Ewropew sa tmiem din il-leġiżlatura

L-eks Prim Ministru Alfred Sant sostna li s-swieq kapitali tal-Unjoni qed ikomplu jaqtgħu lura meta mqabbla ma’ swieq kontinentali oħra, filwaqt li nnota li fl-aħħar tliet snin is-sehem tagħhom tal-kapitalizzazzjoni tas-suq madwar id-dinja kien qed jiċkien. F’diskors ewlieni li ta għal seminar tal-Forum tas-Servizzi Finanzjarji tal-Parlament Ewropew dwar l-Att dwar kif kumpaniji joħorġu għall-bejgħ lill-pubbliku ishma fl-impriżi tagħhom li nżamm fil-Parlament Ewropew, Sant innota li hemm qbil ġenerali min-naħat kollha li l-ħidma biex tinħoloq Unjoni tas-Swieq Kapitali waqgħet lura wisq u mhux qed tagħti riżultati pożittivi. Huwa saħaq li Att dwar kif kumpaniji joħorġu għall-bejgħ lill-pubbliku ishma fl-impriżi tagħhom maħsub biex inaqqas il-piżijiet regolatorji li jimblukkaw il-progress għandu jilħaq l-għan tiegħu waqt li tibqa’ tiġi mħarsa l-protezzjoni tal-investitur. Alfred Sant huwa r-rapporteur tal-Parlament Ewropew għal din il-liġi Ewropea ġdida.

Is-seminar iddiskuta l-bidliet proposti fil-liġi u l-impatti li se jkollhom fuq kumpaniji Ewropej li jixtiequ jbigħu l-ishma tagħhom lill-pubbliku. Fost dawn hemm miżuri li għandhom l-għan li jissimplifikaw il-preparazzjoni tal-prospectus li jrid jiġi pubblikat meta negozji żgħar u medji joħorġu ishma ġodda.

Dwar is-simplifikazzjoni tal-prospectus Alfred Sant enfasizza li l-aktar kwistjoni kontroversjali tikkonċerna l-emendi biex jiżdied għal €12-il miljun fil-pajjiżi kollha l-limitu biex jiġu eżentati offerti żgħar ta’ titoli lill-pubbliku mill-obbligu li jippublikaw prospectus. It-tħassib ewlieni huwa li dan jista’ jagħmel sens biss fis-swieq kbar ħafna.

Inkwantu tal-limitu ta’ 300 paġna tal-prospectus li qed tipproponi l-Kummissjoni, Sant irrimarka li dil-materja jeħtieġ li tingħata aktar ħsieb. Filwaqt li jinnota li normalment huwa s-summarju tad-dokument li l-investituri ż-żgħar “retail investors” jaqraw, għall-inqas parzjalment, wieħed jeħtieġ li jiżgura li l-prospectus ikollu lingwaġġ u preżentazzjoni ċari ta’ dak li hu rilevanti u effettiv biss. Dwar it-tqegħid tar-regoli tal-ESG fil-prospectus, Sant innota li filwaqt li dan mhux se jingħoġob minn uħud, il-bidliet fir-regolamenti tal-prospectus iridu jibqgħu koerenti mal-impenn ġenerali għal riforma Ewropea f’dan il-qasam ta’ politika importanti.

Alfred Sant stqarr ukoll li sfida ewlenija fit-twaqqif fl-Unjoni tas-Swieq Kapitali hija li titfassal struttura ta’ suq uniku minħabba d-didfferenzi li jeżistu bejn is-swieq nazzjonali u reġjonali. “L-għażla ewlenija hija bejn il-ħtieġa kbira li aktar investituri jidħlu fis-suq, peress li raġuni waħda għaliex iżommu lura hija l-piżijiet regolatorji; u l-protezzjoni tal-investitur”.

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Towards a reform of the European listing processes by the end of this legislature

Former Prime Minister Alfred Sant claimed that the Union’s capital markets continue to lose ground when compared to other continental wide markets, noting that in the last three years their share of market capitalization worldwide has been shrinking. While delivering a keynote speech to a European Parliamentary Financial Services Forum seminar on the Listing Act held in the European Parliament, Sant noted that there is a general acceptance from all sides that work on the Capital Markets Union has fallen too far behind and is not yielding positive results. He stressed that the Listing Act’s aims to reduce regulatory burdens that block progress must be achieved while keeping strong investor protection in place. Alfred Sant is the rapporteur for the Listing Act in the European Parliament.

The seminar discussed the proposed changes in the Act and the impacts they will have on European companies wishing to sell their shares to the public. Among these are measures that aim to simplify the preparation of prospectuses when SMEs issue new shares. 

Regarding the simplification of prospectuses Alfred Sant emphasized that the most controversial issues are the amendments to harmonise and increase to €12 million the threshold for exempting small offers of securities to the public from the obligation to publish a prospectus. The main concern is that this could work only for the very large markets. 

With regards to the 300-page limit of the prospectus the Commission is proposing, Sant remarked that the area needs thinking over. While noting that normally it is the summary document that retail investors do read, at least in part, one needs to ensure that the prospectus comes up to scratch by way of clarity of language and presentation of only what is relevant and effective. On the placing of ESG rules in the prospectus, Sant noted that while this will raise hackles among some, the changes to the prospectus regulation must remain coherent with the general European reform commitment across this important policy area.

Alfred Sant also stated that a leading challenge in establishing in the Capital Markets Union is to design a single market structure given the fragmentation that exists among national and regional markets. “The major divide is between the crying need to get more issuers to enter the market, since one reason why they keep back is regulatory burdens; and investor protection”.