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Capital Markets Union

Capital Markets Union

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Capital Markets Union

Capital Markets Union (CMU) aims to unify capital markets across Europe’s 28 Member States, and in doing so promote investment and growth in Europe.

The Commission is pushing ahead with a number of projects that will fall under the three pillars of:

  1. Helping to get funding to those that need it
  2. Opening up opportunities for investment
  3. Removing barriers to cross-border movement of capital.

Rather than a single directive or regulation, CMU is acting as a catch-all for a broad variety of initiatives, both regulatory and practical. The European Commission’s Action Plan on CMU sets out how it will take forward the measures under the CMU umbrella into 2019 with the aim of creating a significant cumulative impact on growth.

Will CMU still be relevant to the UK as a result of Brexit? We think so (at least in the short to medium term). Read our in depth analysis on the effects of Brexit on CMU.

In the meantime, as the CMU project develops, we will be providing information and updates within the three themes of getting funding, investing and cross-border movement of capital.

Overview and timeline Getting funding

Investing Cross-border capital

We have broken down the information contained in the resource as follows:

Overview and timeline

  • Preparing for what’s coming
  • Knowing what CMU means in practice

Getting funding

  • Making capital markets more accessible
  • Cutting prospectus cost and complexity
  • Promoting innovation in finance
  • Addressing the SME information gap

Investing

  • Making non-bank finance thrive
  • Overhauling securitisation regulation
  • Recalibrating capital charges for insurers
  • Expanding retail capital market investment

Cross-border capital

  • Freeing movement of capital across the EU
  • Assessing impact of regulation post-crisis
  • Passporting investment funds
  • Removing barriers to investment
  • Creating an EU covered bond framework