I mercati di crescita per le PMI

This thesis studies and investigates the regulation of SME growth markets. Considering the composite structure of the regulatory architecture (European directives and regulations, national primary sources and market regulations), the study adopts a holistic perspective on regulation, in order to identify common principles and resolve interpretative doubts. Moreover, the in-depth study according to a historical and political economy perspective, aimed at reconstructing the reasons for the introduction of growth markets and the objectives pursued by the European legislator, allows to identify the rationes underlying the provisions and to facilitate their interpretation. The first chapter delves into the historical and institutional evolution of growth markets for SMEs and the objectives that the European legislator aims to achieve. The second chapter, on the other hand, deals with the registration process of multilateral trading facilities as growth markets. The chapter investigates what are the requirements for a MTF to be registered as a growth market, how the registration process is carried out and what is the role of the supervisory authority. The third chapter delves into which corporate law provisions apply to issuers listed on growth markets. In fact, while the rules for issuers listed on regulated markets are not directly applicable to these companies, it cannot be ruled out in advance that certain provisions are not applicable by analogy, due to the specific characteristics conferred on these issuers and the securities admitted to trading. The fourth chapter analyzes various provisions relating to information, understood in a broad sense: the provisions on prospectus, market abuse, transparency of corporate structures and financial reports. Finally, the fifth chapter deals with the discipline of the mandatory bid provided for by the regulation of the AIM Italia growth market.