On 2 March 2026, the European Commission (Commission) issued a targeted consultation seeking stakeholder views on:
- Possible barriers or issues for exiting private equity investments in the EU. The Commission is seeking to uncover whether EU investors face difficulties when seeking exit of their stake in a private company. It also seeks to understand whether there is any link between those difficulties and the ability of private equity and growth companies to access funding in the first place. It then enquires about possible regulatory solutions to address those difficulties.
- The merits and possible design features of a platform for secondary trading of private company shares. The Commission wishes to explore various options for the development of a specific exit route: an intermittent multilateral secondary trading platform. More specifically, it seeks to understand what type of a regulatory framework could ensure efficient functioning of such a platform, effective price formation and an appropriate level of investor protection (including through a disclosure regime).
- The potential of an extended use of such a platform for raising new equity capital. The Commission is seeking views on the merits of extending the platform for secondary trading to raising fresh capital for companies. This way, private companies might use the intermittent trading system to sell new company shares, for example by way of a closed auction. The sale of shares through the platform could mean alleviations and efficiency gains a private placement cannot offer. The Commission also seeks to understand whether a dedicated regulatory framework would be necessary at the EU level and what elements it should contain.
The consultation closes on 27 April 2026.
The responses to the consultation will support the Commission’s work under the Savings and Investments Union, in particular efforts to improve the access to finance for EU startups and scale-ups.