The European Commission has published its Omnibus IV legislative proposal, together with a press release, for a Directive amending the Markets in Financial Instruments Directive II (MiFID II) and the Critical Entities Resilience Directive to simplify various administrative requirements for small mid-cap enterprises (SMCs), in line with the mitigating measures already available for SMEs. SMEs are currently defined as companies with under 250 employees and an annual turnover of up to EUR50 million or a balance sheet total up to EUR43m, while SMCs are those that have outgrown the SME definition. The proposed amendments will simplify regulatory requirements and reduce administrative burdens for SMCs, in the interests of helping them to scale up.
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