Regulatory & Technical

Capital Markets Union (CMU)

Capital Markets Union (CMU) 

The aim of the EU Capital Markets Union (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.

Following the publication of a Green Paper on CMU, in September 2015 the European Commission adopted an Action Plan on CMU setting out a list of over 30 actions and related measures to establish the building blocks of an integrated capital market in the EU by 2019. The Action Plan has since been updated and is subject to ongoing monitoring and review, with the latest version available on the European Commission’s website.

Our View on CMU

As investment funds have a prominent role to play in the CMU plans, Irish Funds has been actively engaged in the project and has responded to several of the CMU-related consultations (see responses below).

Key areas of focus for Irish Funds include:

  • the Pan European Personal Pension Product (PEPP) on which we have published a White Paper;
  • the removal of barriers to cross-border fund distribution within the EU;
  • developing an appropriate EU framework for loan origination and addressing barriers to lending for non-bank entities;
  • encouraging the take-up of European Long-term Investment Funds (ELTIFs);
  • enhancing efficiencies via harmonised regulatory reporting; and
  • ensuring alignment with CMU across all EU policy initiatives

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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