Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made a recent assessment of the potential merits of updating the growth market exemption to remove the requirement for a recognised growth market to be a recognised stock exchange.

SME Growth Markets are a type of multilateral trading facility (MTF) that have a distinct set of regulatory requirements designed to help small and medium-sized (SME) issuers raise capital on public markets.

MTFs, including growth markets, do not need to be operated by a recognised investment exchange (RIE). Although these can be operated by RIEs they can also be operated by investment firms and credit institutions, subject to FCA authorisation. This is set out in the FCA’s handbook.