FÁCIL: Opening New Paths for the Capital Market in Brazil

All around the world, regulators are redesigning capital market frameworks to attract small and medium enterprises (SMEs), recognizing that public markets offer unique advantages for growth-stage companies, including superior price discovery, enhanced liquidity, greater financial statement comparability, and direct access to institutional capital. And yet, for many smaller businesses, this participation remains costly and complex.

While alternative solutions such as crowdfunding are increasingly used, regulators must remain attentive to the access gaps that prevent smaller companies from entering the capital market. SMEs are not only the predominant form of enterprise globally, but also the primary source of employment in most countries, as recently pointed out by the OECD (Organization for Economic Cooperation and Development) [1]. Facilitating their path to public markets is both economically strategic and socially beneficial. Growth markets serve as transitional platforms for SMEs aiming to access traditional capital market segments.

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