# Article 77 — Qualification as an SME (Article 4(1)(13) of Directive 2014/65/EU) **Commission Delegated Regulation (EU) 2017/565 · binding · OJ L 87, 31.3.2017 · dated 25 Apr 2016 [in force]** *In force · Consolidated version of 2 August 2022 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02017R0565-20220802)* 1. An issuer whose shares have been admitted to trading for less than three years shall be deemed an SME for the purpose of point (a) of Article 33(3) of Directive 2014/65/EU where its market capitalisation is below EUR 200 million based on any of the following: **(a)** the closing share price of the first day of trading, if its shares have been admitted to trading for less than one year; **(b)** the last closing share price of the first year of trading, if its shares have been admitted to trading for more than one year but less than two years; **(c)** the average of the last closing share prices of each of the first two years of trading, if its shares have been admitted to trading for more than two years but less than three years. 2. An issuer that has no equity instrument traded on any trading venue shall be deemed an SME for the purposes of Article 4(1)(13) of Directive 2014/65/EU if the nominal value of its debt issuances over the previous calendar year, on all trading venues across the Union, does not exceed EUR 50 million.