Capital Markets Union

Building a Capital Markets Union (CMU) serving the needs of European citizens and businesses is as ambitious as it is essential: the effort will enable pensioners and savers to share in the upside of Europe’s economic recovery. In the process, European capital markets also become more efficient and better integrated. This long-term vision is key to financing European innovation and to supporting the transition towards a more sustainable economy.

Increasing retail investors’ participation in capital markets is an essential component for building an effective CMU. Improving access to financial and non-financial information and addressing the high data costs our industry is encountering, are also important steps towards a functioning CMU. All this, while maintaining and improving the attractiveness of the European investment management sector in today's global environment.

EFAMA prepared a list of key actions that are required to reach the CMU objectives from an investor perspective. We have also developed a specific Key Performance Indicator to measure year-on-year progress towards increasing retail participation in capital markets in each member state.

Related policy positions

Policy position

Capital Markets Union

04 January 2021

Key objectives for the creation of a Capital Markets Union - EFAMA letter to EU Commissioner McGuinness

We fully support the ambitions of the new CMU Action Plan. Properly executed, it has the potential to boost the fortunes of Europe’s pensioners and savers by creating opportunities for them to share in the upside of Europe’s economic recovery and to create more efficient and better integrated European capital markets, which is key to finance European innovation as well as the transition towards a more sustainable and digital economy.

Policy position

Priorities for the investment management industry - EFAMA letter to Portuguese Presidency of the EU

Capital Markets Union

AIFMD

Sustainable Finance

03 January 2021

Priorities for the investment management industry - EFAMA letter to Portuguese Presidency of the EU

The European investment management industry is helping savers achieve their financial goals and build up retirement savings. Investment management is a vital part of the European economy, providing funding for companies and infrastructure projects and contributing to economic growth and job creation across all Member States.

Policy position

Capital Markets Union

Competitiveness

30 June 2020

EFAMA's feedback on the EU Commission's consultation on the Capital Markets Union High Level Forum Final Report

An ambitious CMU Action Plan that will need strong political support from Member States

Building a Capital Markets Union (CMU) that serves the needs of European citizens and businesses is an ambitious yet, essential - project that requires a long-term political vision, determination and perseverance.

The new CMU Action Plan adopted today by the European Commission, which largely builds on the recommendation of the CMU High-Level Forum, is a milestone in the journey towards the realisation of this ambition for Europe.

Press Release

Capital Markets Union

Pensions

10 September 2020

EFAMA calls for use of KPIs to monitor national progress in household participation in capital markets

EFAMA has today published a report entitled 'Household Participation in Capital Markets Assessing the current state and measuring future progress'. This publication precedes the European Commission's forthcoming new Action Plan on the Capital Markets Union (CMU). It includes ten concrete policy recommendations to help advance the CMU, including the introduction of a Key Performance Indicator (KPI) to monitor progress in household participation in capital markets.

Press Release

Capital Markets Union

Distribution ＆ Client Disclosures

PRIIPs

04 December 2018

EFAMA welcomes the vote of the European Parliament's ECON amending proposal on cross-border distribution of funds

The Committees vote confirmed important amendments to the Commissions original proposal, i.e. extending the premarketing definition to established EU AIFs and removing the numerical thresholds conditioning the de-notification of funds from host jurisdictions.

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Related publications

Publication

Capital Markets Union

Competitiveness

13 July 2021

Towards a deepening of the single market for asset management in the context of an ambitious Capital Markets Union

By Vincent Ingham

Director of Regulatory Policy, EFAMA.

Publication

Capital Markets Union

Competitiveness

EU Fund regulation

23 June 2021

3 questions to Miranda Seath on the European fund classification

Q #1 What is the European Fund Classification (EFC) and why is it different from other classifications?

The mission at the heart of our work on the European Fund Classification scheme is to help investors, and the wider European funds industry, to find and compare similar fund peer groups in a meaningful way. This mission is particularly relevant in an era of rising cross-border fund sales because the EFC enables investors and their advisers to compare funds across different European jurisdictions consistently.

Publication