CMU

AFME is providing strategic input and practical support for the EU Capital Markets Union project

Overview

AFME has been a strong supporter of the Capital Markets Union (CMU) initiative – an EU project which aims to further integrate Europe’s Member States and reduce barriers to cross-border finance.

Efficient and well-developed capital markets are essential to meeting the financing and risk management needs of EU citizens, enterprises and public authorities. Importantly, an integrated and well-functioning CMU would help strengthen EU competitiveness and prospects for economic growth and job creation.

We also believe that the development of the CMU is a pre-condition for the success of the sustainable finance agenda and, therefore, the fulfilment of the EU’s climate change objectives.

The European Commission’s new legislative cycle that began in December 2019 provides an opportunity for policymakers, market participants and other stakeholders to re-launch an ambitious plan for further integration of European capital markets.

AFME’s yearly report “Capital Markets Union – Key Performance Indicators”, developed in partnership with European and international organisations, highlighted that while there has been progress on the CMU project, there are also areas in need of improvement (see video on CMU progress in Europe).

In this context, AFME has put forward recommendations:

General recommendations

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Establishing a comprehensive EU retail investment strategy
Fostering better conditions for SMEs to access equity finance
Advancing the EU's global leadership on sustainable finance including through the promotion of globally coordinated efforts to defining sustainability
Building a competitive digital single market by harnessing the potential of emerging technologies (including cloud computing, artificial intelligence and digital assets) and ensuring a level playing field among different types of participants

Recommendations in wholesale markets

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Undertaking a recalibration of MiFID 2/R
Building and interconnecting securities market ecosystems (including both trading and post-trading)
Continue working towards creating an environment which supports a high quality and dynamic European securitisation market
Improving and further converging EU legal frameworks, such as insolvency, and supervisory practices
Recognising the role of banks and the need for well-calibrated prudential regulation to support the development of capitla markets
Ensuring a well-functioning third country equivalence framework
Deepening reflections towards a solution for a European safe asset

Key Documents

2021

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2020

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2019

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November, 2019

AFME Letter to EU finance ministries ahead of ECOFIN recommendations on CMU

This letter to finance ministries provides a high level summary of AFME's perspectives on the next phase of CMU and priorities in wholesale markets.

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October, 2019

AFME CMU Key Performance Indicators (Second edition)

The second edition of AMFE's report Capital Markets Union- Measuring progress and planning for success was published in October 2019, in collaboration with 10 other European and international organisations. The report includes a country-by-country comparison of individual EU member State progress against CMU's objectives. A summary of policy recommendaitons supported by the signatory organisations is provided on page 11.

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August, 2019

AFME submission to the Next CMU High Level Group

This submission summarises AFME's current thinking on priorities for the next phase of CMU. Question 9 provides a summary of the submission, listing three priority principles and three priority policy areas for action in the next phase of CMU.

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July, 2019

AFME publication Finance for Europe - Building competitive, resilient and integrated financial markets

This publication summarises AFME's overall priorities for the 2019-2014 EU political cycle, including recommendations on CMU, banking regulations, sustainable finance, technology, international relationships and other areas.

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2018

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September, 2018

Capital Markets Union: Measuring progress and planning for success

This report tracks the progress to date of the European Commission’s flagship Capital Markets Union (CMU) project through seven Key Performance Indicators (KPIs).

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June, 2018

AFME responds to the Commission’s amendments to the delegated act supplementing MiFID II on suitability requirements in the context of its CMU Action Plan on Sustainable Finance

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April, 2018

The Importance of International Considerations in Pan-European Capital Markets Regulation

The note sets out the importance for policymakers to develop policy measures that balance market resiliency, market integrity and market supervision that ensure the level playing field with keeping Europe’s capital markets sufficiently open and competitive to grow their capacity, boost the stimulation of investment, reduce reliance on banks, and create jobs. The note provides five examples of current cross-border regulatory impediments in pan-European capital markets.

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January, 2018

AFME comments on the Commission’s High-Level Expert Group (HLEG) final report on sustainable finance

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2017

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2016 & Prior

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November, 2016

The Benefits of Capital Markets to High Potential EU Economies

This report is a collaboration between New Financial and AFME (the Association for Financial markets in Europe) and analyses the potential role and benefits of deeper capital markets in the high potential economies in Central and Eastern Europe.

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October, 2015

Raising finance for Europe's small and medium-sized businesses/SME Finance guide

This guide provides practical information to SMEs across Europe on how to raise finance from a variety of sources.

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June, 2015

Bridging the growth gap

AFME and The Boston Consulting Group co-wrote a report based on a survey of global investors, collectively holding around €9tn of assets under management. It provides a unique, in-depth analysis of how capital markets in Europe and the US compare, and how these differences may have contributed to the wide disparity in growth rates since the financial crisis.

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June, 2015

AFME/ICMA Infrastructure finance guide

Prepared in partnership with the International Capital Market Association (ICMA), this report helps infrastructure issuers more easily access funding sources – including bank, private placement and public project bond financing – and supports the European Commission and EIB’s Investment Plan for Europe. AFME, in cooperation with the ICMA, is actively engaged with the European Insurance and Occupational Pensions Authority (EIOPA) in its work on the definition and calibration of the infrastructure asse

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June, 2013

Unlocking funding for European investment and growth

This AFME-Oliver Wyman report identified nearly 50 obstacles to funding for corporates and investors.

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Contacts

Rick Watson

Managing Director, Head of Capital Markets, Membership and Events

[email protected] +44 (0)20 3828 2737

Press Releases

Publications

Consultation Responses

Briefing Notes

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