Regulatory & Technical

Capital Markets Union (CMU)

Capital Markets Union (CMU) 

The EU Capital Markets Union (CMU) is one the cornerstone projects of the new European Commission. The goal of the CMU is to create deeper and more integrated capital markets across the EU by reducing fragmentation in financial markets, diversifying financing sources, strengthening cross border capital flows and improving access to finance for businesses. 

Our View on CMU

Work on the CMU has only just begun, with the comment period on the EU Commission’s Green Paper closing on 13 May 2015. However, the EU Commission’s stated ambition is to have major elements of the CMU in place by 2019. 

As the funds industry plays a prominent role in the CMU plans, Irish Funds has been actively engaged in the project and has made recommendations on: 

  • Encouraging the take-up of European Long Term Investment Funds (ELTIFs)
  • Developing an appropriate EU framework for loan origination and addressing barriers to lending for non-bank entities 
  • Reducing the costs associated with cross-border investment funds
  • Enhancing the framework for European private equity and venture capital 
  • Encouraging retail investment in cross-border UCITS
  • Enhancing efficiencies via harmonised regulatory reporting
  • Striking the right balance in the development and implementation of a single rulebook 
  • Ensuring alignment with CMU across all EU policy initiatives 
  • Ensuring that the international tax agenda reflects the objective of more integrated capital markets

In the publications, news and other content on this page you can keep up to date with relevant CMU developments and the work of the Association in this area.

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