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The research note was prepared for the G20 Finance Ministers and Central Bank Governors. It describes innovative structures and products in equity capital markets, debt capital markets, securitization and pooled investment vehicles that provide practical solutions to broadly recognised challenges for financing of SMEs and infrastructure projects. The note also provides key takeaways from each example and identifies themes common to the innovations. The market-based financing solutions described in the note cover many jurisdictions across a wide geographical region, while several case studies reference cross-border activities and/or have regional reach.
In recognition of the increasing role that the capital markets play in the provision of LTF for SMEs and infrastructure, IOSCO established the Long-Term Financing Task Force in November 2013 to review the issues and challenges facing LTF and opportunities for growth.
Howard I. Wetston, Q.C. Co-Chair of the LTF Task Force, Vice Chair of the IOSCO Board and Chair of the Ontario Securities Commission, stated: “This research note reflects the important contribution that IOSCO is making in this area, as well as its expertise in terms of the oversight of the capital markets. The note contains concrete and practical capital-markets based solutions that address the increasing demand for long-term financing by SMEs”.