The European Securities and Markets Authority, the region’s top financial watchdog, is expected to this month review a “high-level strategic paper” prepared by its key stakeholder group as part of efforts to boost capital access for smaller companies and head off any preference for raising money in the US.

UK football club Manchester United listed for $233m on the New York Stock Exchange in July and FleetMatics, a Dublin-based fleet tracking group, has announced its intentions to raise $100m from an American listing. Both took advantage of the lighter regulatory burdens on smaller firms as a result of America's Jobs Act that became law on April 5.