This report focuses on the key trends in remuneration in banking and capital markets (BCM) activity in 2014 and provides2015 estimates where available, based on a detailed study conducted by McLagan. For the analysis McLagan used data from18 of the AFME Board-members firms, which have a combined 2014 BCM revenue of €148bn (from published accounts) andmake up 87% of the 2014 BCM revenue of all AFME Board-members firms. This study aims to give insight into how the following have changed in the period since the financial crisis: Size of total compensation and bonus pool, and the total compensation and bonus pool per capita. How remuneration is structured between various pay elements – share of allowances; make up of bonus; variable tofixed ratio. A clear understanding of how the nature of that variable remuneration has changed in recent years in response toregulation. For example, the size of deferral, how long remuneration is deferred for and the change in upfront cashbonuses. The global context – how does total and variable remuneration compare, in other financial centers across the world andother industries? The relationship of remuneration with bank performance – looking at compensation to income ratio.

Summary Why Equity Markets Matter highlights the need for Europe to make greater use of its equity markets. The report finds that European equity markets remain under-developed, weakening the region’s economic potential, and urges policymakers to remove unintended liquidity restrictions in current regulatory proposals to foster a European equity culture. Credits Managing Director: April Day

This guide provides practical information to SMEs across Europe on how to raise finance from a variety of sources. Available in several European languages, the guide will help many European entrepreneurs make educated choices about what type of funding their business needs. Loans provided by both banks and non-banks, including alternative forms such as invoice discounting, trade finance and leasing, and bond issuance for larger SMEs, as well as equity issuance, including IPOs, venture capital, private equity, P2P platforms and crowd funding, can all provide cash to existing and growing businesses. We believe that this is the first pan-European guide to SME finance. It includes an extensive directory of national and pan-European organisations and schemes which provide SME support. Available in... Dutch English French German Italian Spanish

AFME’s 2015 annual review covers our position on the UK’s EU referendum, its work in support of the European Commission’s Capital Markets Union project and policy position.

This study concludes that current and future market liquidity is a subject of concern for market participants. It further finds that there are grounds for a review of the calibration of the reforms to date and the ongoing regulatory agenda, in order to properly understand and consider the effects of regulatory initiatives on market liquidity by asset class, and to consider whether upcoming regulatory initiatives could likely exacerbate the trends in liquidity.

This Guide is addressed to public authorities, project sponsors, project promoters and issuers seeking to raise finance for European infrastructure projects. It is designed to provide practical guidance on raising debt finance through banks and the capital markets, taking account of the impact of planning and procurement issues on the transaction process. This Guide is one of a number of AFME and ICMA initiatives in support of the European growth agenda. AFME’s report entitled 'Bridging the growth gap: Investor views on European and US capital markets and how they drive investment and economic growth' highlighted a number of roadblocks to European infrastructure investment, including investor concerns about political and legal uncertainty and lack of access for smaller funds, which we hope this guide will help to address. AFME and ICMA are strongly supportive of the European Commission’s Investment Plan for Europe and the €315bn European Fund for Strategic Investments (EFSI). We believe that this guide can contribute to the work of EFSI by facilitating the raising of private sector finance for the infrastructure projects in which EFSI invests.

Bridging the Growth Gap, co-written with The Boston Consulting Group (BCG), shows that Europe has a significantly smaller pool of investable assets than the similar sized US economy. But the real problem is the fragmented nature of European markets and the lack of equity finance. The report draws on a survey of global investors holding around €9tn assets under management and 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.

Agreement on common market standards and best practices is essential for the development of a Pan- European private placement market for corporate debt. This Pan-European Corporate Private Placement Market Guide (the “Guide”) aims to support the development of this market, and builds on existing practices in the bond and bank loan markets, as well as practices in other international private placement markets. The Guide is intended to provide a non-binding framework of best practices for Pan-European private placement (“PEPP”) transactions.

In An Agenda for Capital Markets Union, AFME proposes that the CMU work programme is organised under three pillars, covering: issuance of capital market instruments (the supply side); long-term investment in the capital markets (the demand side); and infrastructure for capital markets issuance and trading.

Welcome to the seventh edition of The International Comparative Legal Guideto: Securitisation. This guide provides the international practitioner and in-house counsel with acomprehensive worldwide legal analysis of the laws and regulations ofsecuritisation. It is divided into two main sections: Seven general chapters. These are designed to provide readers with acomprehensive overview of key securitisation issues, particularly from theperspective of a multi-jurisdictional transaction.Country question and answer chapters. These provide a broad overview ofcommon issues in securitisation laws and regulations in 32 jurisdictions.All chapters are written by leading securitisation lawyers and industryspecialists and we are extremely grateful for their excellent contributions. Special thanks are reserved for the contributing editor, Mark Nicolaides ofLatham & Watkins LLP, for his invaluable assistance. Global Legal Group hopes that you find this guide practical and interesting. The International Comparative Legal Guide series is also available online atwww.iclg.co.uk.