France's Ministry of Economics and Finance has published a French Tech Finance Partners action plan, presented on 28 January 2025 by minister for Artificial Intelligence and Digital Clara Chappaz and the committee, setting out 10 recommendations aimed at making it easier for technology companies to list in France and Europe. The proposals target barriers before, during and after an initial public offering, with a focus on enlarging available funding, improving market functioning and strengthening post-IPO conditions. Key recommendations include mobilising French institutional investors through the development of “pre-IPO and crossover” funds and fund-of-funds structures, including by strengthening existing initiatives such as the Caisse des Dépôts fund-of-funds. The plan also proposes channelling household savings towards equities through investor education, simplifying access to new listings within the French equity savings plan (PEA) and opening access to certain investment classes currently reserved for professionals. On market structure, it suggests further digitalising stock market processes to reduce delays in prospectus availability and creating an index to better showcase Euronext Growth. For the post-listing phase, the report calls for measures to support liquidity in the first two years of trading, make delistings more transparent and equitable, and ensure a competitive tax framework for capital gains. Additional strands cover strengthening small and mid-cap research coverage (including minimum broker coverage, performance indicators and a shared platform for equal access to financial information), reinforcing the listed component of the Tibi programme through greater European cooperation, improving issuer preparation and investor communications, promoting regulatory and tax stability to support larger pension funds and cross-border capital flows, and advancing EU capital markets union through greater regulatory harmonisation.

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