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Finance for SMEs: European Regulation and Capital Markets Union – Focus on Securitization and Alternative Finance Tools

Finance for SMEs: European Regulation and Capital Markets Union – Focus on Securitization and Alternative Finance Tools

Author: Patrizio Messina
Publisher: Kluwer Law International
ISBN: 9789403501611
Published In: June 2019
Format: Hardback
Jurisdiction: European Union ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

Finance for SMEs: European Regulation and Capital Markets Union offers an updated framework of the most important financial tools for the small and medium enterprises (SMEs) that could represent an alternative to the banking system within the European Union (EU). With the European Commission’s announcement of the Capital Markets Union in 2016, a major step was at last taken to provide for the special needs of SMEs. This book presents the first in-depth legal analysis of the challenges that SMEs have to face when managing their balance sheets and trying to attract investors, what alternative financing tools are most effective and how recent legislation reaches fair and convenient conditions for SMEs. This book is one of the first publications on SMEs and finance and contains data and information resulting from a deep and well-focused research on the topic.

What’s in this book:
The analysis focuses specifically on the Capital Markets Union structure and on other European initiatives that support and enhance SMEs’ prospects for raising money on capital markets to better diversify their investments and plan a growth and development strategy. An updated description of the European framework is provided, together with references to relevant national systems. Issues and topics covered include the following:

need for long-lasting access to funds;
securitization for SMEs;
SME Z-score;
crowdfunding; and
peer-to-peer, minibond and accounts receivables financing.

Case study analyses furnish a deep understanding of the financial structures and their main features. Appendices include English texts of the main EU legal documents pertaining to SMEs.

How this will help you:
This book will prove to be of immeasurable practical value for SMEs discouraged by over-regulation designed for larger businesses and for those who find themselves in difficulties when they have to face the required process. The added value of this study will allow the academics to understand the main issues related to this topic and will provide for a steady basis for further research and analysis with regards to law and economics for SMEs. Furthermore, it will also be warmly welcomed by practitioners in the area of SME financing and will be useful to support them in the selection of the most appropriate tools for their clients. Banks and interested EU officials will also value its clear and straightforward approach to the subject.

List of Abbreviations

CHAPTER 1
Finance for SMEs and European Union

CHAPTER 2
Banking Financing and Securitization for SMEs

CHAPTER 3
The European Capital Markets Union

CHAPTER 4
The SME Z-Scoring

CHAPTER 5
Alternative SMEs’ Financing Tools

CHAPTER 6
Evidence and Final Remarks

APPENDIX I
Legislative Proposal of the European Commission for an EU Framework
on Crowd and Peer to Peer Finance (March 2018)

APPENDIX II
Action Plan on the FinTech (COM(2018) 109/2)

APPENDIX III
Green Paper of the European Commission on the Capital Markets Union
(COM (2015) 63 Final 2015)

APPENDIX IV
Italian GACS Legislation

Bibliography