FEE CMU Policy Update

May 2016


European Commission


Report on Crowdfunding in the EU Capital Markets Union – 3 May

The European Commission has published its long-anticipated report on crowdfunding in the CMU context. The Commission announced its intention to conduct a study on the topic in its CMU Action Plan from 30 September. Of particular interest, the report argues that crowdfunding remains small in scale but has significant potential for further development and growth. There is however in the Commission’s assessment no need for a EU-level crowdfunding framework, as the current national regimes are better suited for the market’s smaller scale and addressing particular needs at the local level. This stance reflects and is consistent with the Commission’s overall cautious and bottom-up stance to the CMU.



Summary of contributions to the ‘Call for Evidence’ – 17 May

The European Commission has published the summary of contributions received to its Call for Evidence. A total of 288 responses were received, a great majority of which from industry associations and individual companies. Most of the replies concerned the CRD IV, MiFID/R as well as EMIR. Some respondents also raised issues with regard to the Audit Regulation, where for example the number of Member States and ensuing lack of convergence were points of concern.



“EU executive targets harmonising marketing, fees in 8 trln euro funds sector” – 27 May

According to Reuters, the European Commission is planning to remove barriers to cross-border sales of investment funds, and for this purpose address in particular on extra fees and marketing rules imposed by national regulators as well as various forms of fragmentation. The Commission is moreover planning to launch a public consultation on the topic in the upcoming weeks.



MEP Questions & Answers


Proposal for a regulation on debt securitisation – 4 May

The European Commission has replied to a question asked by the MEP Miguel Viegas (GUE-NGL/POR) with regard to debt securitisation. In his question, Mr. Viegas refers to the Commission proposals on simple, transparent and standardised securitisation as well as on prudential requirements for credit institutions and investment firms. He asks the Commission whether these two proposals are not premature, given that work on reforming the structure of the banking sector is still ongoing and to be resolved. In his reply, Commissioner Hill argues that all the mentioned initiatives have the purpose of improving financial stability in the banking system; they are, however, two independent procedures, with the securitization for example being an inherent part of the CMU Action Plan. The Commission will therefore continue progress on both dossiers.






“Brexit would damage EU capital markets union-watchdog says” – 18 May

According to Reuters, the Chair of the European Securities and Markets Authority (ESMA), Mr. Steven Maijoor, has warned that a possible Brexit will have significant negative impacts on EU’s CMU project. Mr. Maijoor argues that much like the Single Market, the CMU is all about the size of the market. Given that the UK is the largest capital market in the EU, its departure would have strong ramifications on the effects and success of the CMU.





07/06/2016, The priorities of the Slovak Republic Presidency of the Council, EPC, Brussels.

12/07/2016, Convergence of insolvency frameworks within the European Union – the way forward, European Commission, Slovak Presidency, Brussels.

27/09/2016, Next steps on ESAs: funding and governance, Financial Future, Brussels.

08/11/2016, Cross-border distribution of funds, Financial Future, Brussels.

06/12/2016, Pan-European Personal Pension products, Financial Future, Brussels.