France expands PEA‑PME rules as Saxo Bank launches free PEA Academy

The Plan d'Épargne en Actions for small‑ and mid‑cap firms (PEA‑PME) has undergone a series of reforms since its introduction. Initially limited to a €75,000 extra ceiling and a narrow list of eligible companies, the scheme saw low uptake because of complex eligibility criteria and an unrepresentative index. The PACTE law of 2019 merged the PEA and PEA‑PME caps into a €225,000 envelope and allowed financing‑by‑crowdfunding instruments. A further reform on 13 June 2024 relaxed the size threshold to a market capitalisation under €2 billion and removed other hurdles, aiming to broaden the pool of eligible European firms.

At the same time, Saxo Bank has introduced a free, online “Academy of the PEA” to improve financial literacy among French investors. The initiative comes as the number of first‑time stock‑market participants in France rose to 780 000 in 2025, yet most of the 7.3 million existing PEA accounts hold less than €15 000. Saxo’s CEO Fabien Keryell highlighted that the main barrier is not access but understanding, and the academy offers six modules covering basic saving principles to practical investment steps.