Position paper - Capital Markets Union package

The creation of a strong and complete European Capital Markets Union (CMU) is now more important than ever. As the Commission continues its efforts to obtain a unified system of capital markets, there are some principles that should be held at the forefront of its completion, including openness and strength.

The Commission must keep in mind key aspects of the ongoing legislative proposals, such as the European single access point (ESAP) proposal, the Alternative Investment Fund Managers Directive (AIFMD), the Markets in Financial Instruments Regulation/Markets in Financial Instruments Directive (MiFIR/D) and the Central Securities Depositories Regulation (CSDR). Additionally, the Commission should focus its future efforts on establishing an EU-wide system for withholding tax relief, ensuring greater flexibility on the listing rules for public markets and further adopting mid to long-term initiatives for securitisation. 

The recent and current circumstances have demonstrated once again the urgent need for coordinated action at both the EU and national level when it comes to financial stability. The CMU Package is a positive development as Europe seeks to ensure the creation of an effective and secure framework for financial actors. With the above modifications and a stronger partnership with the private sector, the proposals have the potential to benefit both businesses and the public interest alike.