small and medium-sized enterprise or SME

1. (1) (in MAR 5);
   1. (a) companies that had an average market capitalisation of less than €200,000,000 based on end-year quotes for the previous 3 calendar years;
   2. (b) an issuer whose shares have been admitted to trading for less than 3 years where its market capitalisation is below €200,000,000 based on any of the following:
      1. (i) the closing share price of the first day of trading, if its shares have been admitted to trading for less than 1 year;
      2. (ii) the last closing share price of the first year of trading, if its shares have been admitted to trading for more than 1 year but less than 2 years;
      3. (iii) the average of the last closing share prices of the first 2 years of trading, if its shares have been admitted to trading for more than 2 years but less than 3 years.
   3. (C) an issuer that has no equity instrument traded on any trading venue if the nominal value of its debt issuances over the previous calendar year, on all trading venues across the United Kingdom, does not exceed €50,000,000.
2. [Note: article 4(1)(13) of MiFID]

(2) [deleted]

(3) (in IFPRU) has the meaning in article 4(1)(128D) of the UK CRR.