EFAMA welcomes the opportunity to respond to the European Commission’s consultation envisaging the review of the EU macro-prudential policy framework. The consultation paper emphasises the review of the existing prudential framework built around the systemic nature of credit institutions and at the cornerstone of which lies the CRD/CRR, accompanied by the ESRB Regulation and the foundation of a Single Supervisory Mechanism (SSM) for a Banking Union, in turn revolving around the ECB. The consultation paper also marginally raises the prospect for a review of the present institutional set-up (see Section II.1.2 of the document), and more particularly, the possibility of extending the ESRB’s “institutional and analytical capacity” into the non-bank/market-based financing space. It is in particular with regard to this second aspect that EFAMA wishes to respond.