In-depth Markets: Capital market union

A future European crowdfunding framework

Published on June 6, 2018

On March 8th, 2018, the European Commission published a proposal for a regulation “on European crowdfunding service providers for business”. The AMF welcomes the European Commission’s initiative to create a European legislative framework for crowdfunding, with some adjustments.

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The AMF publishes its position paper on the review of the European Supervisory Authorities

Published on February 20, 2018

The European Commission published in September 2017 a legislative proposal to review the financial European Supervisory Authorities (ESAs), to enhance their powers and to improve their governance and funding. The AMF supports the proposed reform and the objective of the European Commission to create a stronger and more integrated European financial supervision for the Capital Markets Union; it publishes its position paper on the review of the ESAs.

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The future of post-trading in the EU: The AMF publishes its priorities

Published on November 28, 2017

The Autorité des Marchés Financiers (AMF) responded to the European Commission’s consultation on post-trading in the Capital Markets Union (CMU). In this response, the AMF shares the Commisson’s analysis on future challenges of post-trading in Europe (competitiveness of European actors vis-à-vis global competitors, development of new technologies, such as the Blockchain) while insisting on the need to prioritise future actions on market infrastructures.

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Brussels launches a reform of the European supervisory authorities

Published on November 6, 2017

On 20 September, the European Commission issued a proposal for an omnibus regulation amending several regulations including sectorial ones to strengthen the governance, funding and powers of the European supervisory authorities, including ESMA. For the AMF, this proposal is a major step forward.

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Cross-border distribution of funds in Europe: identify the real barriers and enhance investors' confidence

Published on September 19, 2016

The European Capital Markets Union action plan set forth the possibility that obstacles to cross-border investment of European investment funds persist. These obstacles are caused by national law or government practices. To assess their extent, the European Commission has made public a consultation on the cross-border distribution of investment funds, primarily addressed to managers, distributors, and European investors. The aim is to gather their opinion on the reality of barriers to entry that may hamper the distribution of European funds in other countries (distribution costs, fees and taxes, administrative measures, etc.). This position paper is a reasoned response to this consultation.

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Three proposals to develop cross-border investments in Europe

Published on September 19, 2016

In the context of Capital Markets Union, the European Commission is investigating the obstacles to cross-border investment in Europe. In a study published in September 2016, the Autorité des Marchés Financiers showed that with respect to savings products, the main obstacles are not administrative and regulatory barriers, but rather a lack of investor confidence in products not created or supervised within their own country. The AMF has three new ideas for invigorating cross-border marketing and restoring investor confidence by offering equal protection for all investment products regardless of their country of origin.

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Revision of the Prospectus Directive

Published on May 26, 2016

The revision of the Prospectus Directive, an important component of the Capital Markets Union (CMU) as the “gateway” for market financing, was announced by the European Commission in January 2015 and published on 30 November 2015. The proposed regulation is currently being reviewed by the European Council and Parliament. The AMF supports the planned reform but remains vigilant on the information provided to investors.

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Building a Capital Markets Union to support growth in Europe

Published on May 25, 2016

Jonathan Hill, European Commissioner for Financial Stability, Financial Services and Capital Markets Union presents the first achievements of the Capital Markets Union launched in 2014 and his impressions about answers to the Call for evidence on the EU regulatory framework for financial services.

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Distribution of retail investment services: open borders while ensuring investor protection at the local level

Published on March 31, 2016

Within the framework of its Capital Markets Union action plan, the European Commission published a Green Paper on retail financial services in December 2015. Benoît de Juvigny, Secretary General of the Autorité des Marchés Financiers explains the broad lines.

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Capital Markets Union : AMF’s response to the European Commission’s Green Paper on retail financial services

Published on March 21, 2016

Within the framework of its Capital Markets Union action plan, the European Commission published a Green Paper on retail financial services in December 2015. This public consultation aims at helping the European Commission to better open up the European market for retail financial services, improving the benefits of citizens and firms, while maintaining an adequate level of consumer and investor protection. The AMF continues to support actively the Capital Markets Union by responding to this consultation

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Head of publications: The Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02