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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).
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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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2021

12 March, 2021
AFME’s guiding principles for the establishment and operation of the ESAP.
Response to the European Commission’s targeted public consultation the establishment of a European Single Access Point for financial and non-financial information publicly disclosed by companies (Section 6: Additional Information).
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2020
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2020

March, 2020
AFME Feedback to High Level Forum Sub-Groups on Interim Report & Recommendations
In this submission we aim to provide feedback on concrete recommendations and specific legislative and regulatory actions to deliver on the CMU objectives and identified priorities.
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2019
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2019

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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2018

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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2017

December, 2017
The links between the Risk Reduction package and the development of Europe’s capital markets
The report sets out eight case studies which explore the potential impact of the RRM on capital markets products and transactions used by different real economy actors such as corporates, institutional investors and EU governments.
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December, 2017
Global and European Green Finance Policy Directory
Authored by the GGFC, a group comprised of global and regional financial industry organisations, the Directory aims at providing policymakers and global and regional market participants with a simple reference guide to the major initiatives on green finance, sustainability and climate change being implemented by international and regional bodies and industry organisations.
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March, 2017
Shortage of Risk Capital for Europe's High Growth Businesses
This report was authored by AFME with the support of 12 other European organisations representing various stakeholders involved in risk capital. The purpose of the report is to outline the existing sources of risk capital for growing businesses, why shortages occur, and to highlight recommendations for European and national policymakers to improve its supply.
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2016 & Prior
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2016 & Prior

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

+44 (0)20 3828 2737