Regulating EU Capital Markets Union

Abstract

Abstract With the Capital Markets Union (CMU) project, the European Union is pursuing the goal of establishing a true single market for capital in Europe. To this end, the European Union has taken numerous measures. Nevertheless, markets remain fragmented, partly because capital market regulation diverges across Member States. Therefore, more courageous reforms are needed than those envisaged in the European Commission’s action plans. The proclaimed goal of a capital markets’ enhanced single rulebook can best be achieved through a codification of the regulatory frameworks. This book explains the idea of codification, looks at the added value of a European Capital Markets Code (ECMC), and elaborates on the goals of the future codification act. The regimes should be brought together in a single legal act in the form of a regulation and organized in a systematic way in order to reduce complexity thereby facilitating accessibility of capital markets law. The book also discusses possible contents of a European Capital Markets Code, addresses approaches to regulatory reforms, and explores the role of private enforcement.