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We responded to the European Commission's public consultation on the review of the SME definition.

We commented that the criteria used in the EU recommendation 2003/361 to define SMEs in the EU are appropriate, we strongly encourage the European Commission to revise the thresholds so that an SME is defined as any small and medium-sized enterprise that satisfies any two of the following criteria:

  • staff headcount of under 500,
  • turnover of equal to or less than €200 million, or
  • a balance sheet total equal to or less than €100 million.

Furthermore, we also encouraged the European Commission to establish a bespoke definition of a small and mid-size quoted company – with an overarching individual upper market capitalisation threshold of €500 million, which would sit alongside the revised thresholds for all SMEs – to enable focussed, proportionate regulations affecting these companies. We did however acknowledge that EU Member States should have the flexibility to adjust the upper limit for their own individual markets. 

Click here to download our response (pdf).

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