Recital 1

(1)Directive 2014/65/EU of the European Parliament and of the Council ³ has been amended by Regulation (EU) 2019/2115 of the European Parliament and of the Council ⁴ , which introduced proportionate alleviations to enhance the use of SME growth markets and to reduce excessive regulatory requirements for issuers seeking the admission of securities on SME growth markets, while preserving an appropriate level of investor protection and market integrity. However, to streamline the listing process and to render the regulatory treatment of companies more flexible and proportionate to their size, further amendments to Directive 2014/65/EU are necessary.