Christine Lagarde has asked Fabrice Demarigny to consult and propose measures for an EU Listing ‘Small Business Act’

The work will include a review of the provisions of the ’Transparency’, ‘Prospectus’, ‘Official Listing’ and ‘Market Abuse’ EU directives, in order to alleviate the dissuasive listing costs on regulated markets for SMEs.

It will also seek to outline a European definition of SMEs for the purpose of those EU Directives, based on clear criteria in order to define the scope of application of those alleviated rules.

Fabrice Demarigny will submit his conclusions to Christine Lagarde by the end of 2009.

Fabrice Demarigny, a French attorney, PhD in Political Sciences, is a graduate in Law and Economics. Fabrice worked for eleven years in the French Securities Market Authority (AMF) where he was member of the Steering Committee of the College of Supervisors of Euronext and one of the drafters of the IOSCO Principles of Securities Regulation. In 2002, he has been appointed the Secretary General of the Committee of European Securities Regulators (CESR). During his tenure, he contributed to the adoption of all EU Directives and Regulations regarding Markets of financial instruments (Mifid), Prospectuses, Transparency obligations of listed companies, Take over bids, Market Abuse and UCITS. In 2008, Fabrice became a member of Mazars’ international partnership and a partner of Marccus Partners in Paris. He is the Head of Capital Market Activities of Mazars group. Fabrice is member of the European Securities Expert Group (ESME) of the European Commission and of the Board of the European Capital Markets Institute (ECMI). He is knight of the French National Merit Order.

For further information, click below to read the engagement letter.

(.pdf - 16.50 kB) Engagement letter - Fabrice Demarigny (English)

Christine Lagarde has asked Fabrice Demarigny to consult and propose measures for an EU Listing ‘Small Business Act’