On 30 September 2015, the European Commission launched its first Capital Markets Union (CMU) Action Plan aimed at building a true single market for capital across the EU Member States. As part of the Juncker Commission priority to boost jobs, growth and investment across the EU, the first CMU Action Plan, a key pillar of the Investment Plan, aimed to tackle investment shortages head-on by increasing and diversifying the funding sources for Europe’s businesses and long-term projects.

The project underwent a mid-term review in June 2017 to strengthen the existing actions and put forward new measures in response to evolving policy priorities. A link to ICMA’s response to the associated consultation can be found below.
 
In 2019, the EC put together a group of experts, known as the High-Level Forum (HLF) to provide their recommendations on the way forward for the CMU. The HLF’s Final Report, published in June 2020, set out 17 recommendations on a wide range of issues. ICMA published its preliminary thoughts on the Final Report and responded to an EC call for feedback in June 2020 highlighting a range of suggestions and concerns.
 
Moreover, as a response to the pandemic, the EC announced in July a Capital Markets Recovery Package proposing targeted adjustments to MiFID II, the Prospectus Regulation and the securitisation framework.
 
On 24 September 2020 a new CMU Action Plan was released. The new action plan is concerned with four key issues: 
  1. Financing the recovery from COVID-19 pandemic.
  2. Green transition, digital transformation and SME access to funding.
  3. Inclusive economy.
  4. EU’s global competitiveness.

These goals translate into 16 action points aimed at making the EU economy more resilient and inclusive, consolidate the EU’s attractiveness as a safe place for savers and long-term investors and build a so-called “genuine” single capital market by integrating national capital markets.

24 September 2020
Second CMU Action Plan

24 July 2020
Capital Markets Union Recovery Package

30 June 2020
High-Level Forum Report on the Capital Markets Union: ICMA Feedback

12 June 2020
ICMA preliminary thoughts on the Report of the High Level Forum on the Capital Markets Union

8 June 2020
Mid-term review of the first CMU Action Plan

29 July 2019
ICMA has prepared a short briefing paper on the importance of integrated capital markets and CMU. To access the briefing, click here.

10 March 2017

ICMA responded to the commission consultation on capital markets union mid-term review. To view the response, click here.

20 January 2016
ICMA responded to the European Commission’s Call for Evidence: EU regulatory framework for financial services. To view the response, click here.

11 January 2016
Click here to read ICMA’s Paul Richards article on ‘Assessing Capital Markets Union’ from the ICMA Quarterly Report First Quarter 2016.

30 September 2015

First CMU Action Plan

30 April 2015
ICMA has responded to the European Commission Green Paper: Building a Capital Markets Union. To view the response, click here.


Contact

Daniel Mendes
Director, ICMA Regulatory Policy Committee (RPC)
Direct line: +44 20 7213 0321
ICMA Zurich

T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich
ICMA London

T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris

T: +33 1 70 17 64 72
62 rue la Boétie
75008 Paris
ICMA Hong Kong

T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
 
Copyright © 2020 International Capital Market Association.