AFG has responded to the European Commission’s consultation on developing European venture and growth capital funds.<\/a><\/strong><\/p>\n\n\n\nIn its contribution, AFG emphasizes the need to adopt a comprehensive approach to strengthen the entire financing chain, from venture capital to listed stock markets. <\/strong>AFG specifically highlights the importance of supporting the visibility (significantly diminished since the unbundling under MiFID II) and thus the attractiveness of listed SMEs and mid-sized companies, and of encouraging the initial public offerings (IPOs). The central objective is to facilitate the mobilization of savings, which are abundant in Europe but insufficiently used to finance long-term investments in European companies.<\/p>\n\n\n\nAFG also stresses the central role of the regulatory framework,<\/strong> which must remain favourable to long-term investment. The AFG therefore calls for avoiding measures likely to discourage investment in small and mid-cap stocks (particularly the Retail Investment Strategy \u2013 RIS).<\/p>\n\n\n\nFinally, it appears necessary to encourage initiatives that better direct household savings towards financing the European economy.<\/strong> This should involve financial education programs, the development of retirement savings schemes, and tax incentives for investing in European equities (for example, structures similar to the French PEA). The implementation of labels such as “Finance Europe” at the European level could also help direct savings towards European companies and long-term projects.<\/p>\n\n\n\nAt the same time, policymakers should avoid overly simplistic investment products that primarily concentrate flows into passive index funds largely invested in non-European companies.<\/p>\n","protected":false},"excerpt":{"rendered":"
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