Everyone is having their say on the CMU as the European Commission prepares for its next five-year mandate. The Capital Markets Union (CMU) is an initiative initially proposed by President Juncker’s Commission in 2014 to encourage companies to raise funds on the stock exchange and make it easier for savers and investors to put their money to work. One of the main questions is the role non-banks will play in this CMU push. Insurers, pension funds and investment funds are regulated differently than traditional banks: could incoming changes aimed at cutting red tape as part of the CMU push impact future non-bank regulation, if any?
Questions loom large on the legislative framework regulating this sector, especially on their interconnectedness with banks, the risk analysis and market fragmentation. What can be done to ensure market resilience to any potential shocks?
Questions to be addressed include:
How can the EU achieve the CMU’s objectives and is new legislation needed for non-bank regulation? If so, what should be the Commission’s focus?
What is the regulatory approach to non-banks and how can it enhance EU competitiveness and consumer protection?
Is the current direction of talks on CMU positive for non-banks?
Which changes could the CMU agenda see to de-fragment markets in the EU for non-banks?
Should the EU consider new crisis management tools to extend beyond the traditional banking industry or are the structural differences between banks and non-banks enough to mitigate risk?
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