Abstract
As the European Union EU) adjusts itself to its early years after creation of its Banking Union, the financial market discourse increasingly points towards the necessity of an enhanced competitiveness that, it is often held, cannot do without a complementing Capital Markets Union (CMU). This paper considers some of the leading legislative efforts which, going back to the early years of this century, have in fact been key underpinnings of whatever format the CMU may eventually take. It also views such legislation within a general context of better regulation.
Highlights
The main details of the European Union’s thinking on the building of a Capital Markets Union in the eurozone were presented by the European Commission in, firstly, a 2015 Working Document (SWD, 2015, 183 final), with in the same year subsequent Action Plan details in another two documents, viz CMU (2015) 468 final, and SWD (2015) 184 final
Even if it is a discourse that gains momentum as we write, it must be considered against the background of the many European Union (EU) measures which, many dating towards the turn of this century, have been enacted and implemented on issues dealing with capital
This paper presents a brief panoramic walk-through of a number of issues that characterise capital market legislation in the European Union (EU)
Summary
The main details of the European Union’s thinking on the building of a Capital Markets Union in the eurozone were presented by the European Commission in, firstly, a 2015 Working Document (SWD, 2015, 183 final), with in the same year subsequent Action Plan details in another two documents, viz CMU (2015) 468 final, and SWD (2015) 184 final These are frameworks that explore, inter alia, the inherent importance of such a CMU, the absolutely necessary taking stock of what and where stand (i.e. current financing models) the present European capital markets, the issue of new needed financing instruments, and cross border financing issues. This envisaged continuality characteristic must be critically placed against the backdrop of the fact that the Commission did not at that time plan any new legal actions or procedures affecting such (later to be seen as vital!) areas as rating agencies, the operating methods and approaches of financial analysts or intermediaries of various types, measures regarding offer documents in takeover bids, and, by no means least important, that of capital requirements for operators in certain regulated financiasl markets
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