European Commission, three public consultations on Capital Markets Union


The Directorate-General for Financial Stability, Financial Services and Capital Markets Union of the European Commission (DG FISMA) has launched last week a three-month consultation round to stimulate a debate over the measures necessary to create a European single market for capital.

The consultation round provides for three different and parallel public consultations: stakeholders are invited to reply to online questionnaires by 13 May 2015, created with the open source tool EUsurvey.

The main one is the public consultation on the Green Paper “Building a Capital Markets Union”. The Paper designs the Commission’s overall approach to achieving a long-standing objective of the European Union: the free movement of capital. The European Commission goal is to adopt, following the public consultation, an Action Plan setting out a roadmap and timeline for carrying out measures over the next five years. EU institutions and all interested parties and stakeholders (including national parliaments, Member States, citizens, SMEs, the non-governmental sector as well as the financial sector) are invited to submit proposals on the Green Paper by filling this online questionnaire.

The consultation on the Green Paper is accompanied by two technical consultations: one on the review of the Prospectus Directive, the other one on a new possible initiative on creating an EU framework for simple, transparent and standardised securitisation. These two actions have been identified as short term priorities to bring early benefits for capitals and foster the flagship of the Capital Markets Union by 2019.

The consultation on the Prospectus Directive aims to collect views and data on the functioning of the Prospectus Directive and the implementing legislation. European Commission will take into account submissions to review the prospectus requirements, also reducing unnecessary administrative burden and costs.

The public consultation on securitisation represents a first step to improve the EU legal framework. Currently, the framework for EU securitisation is made of a large number of EU legal acts. The Commission “together with other European authorities and central banks, has encouraged the development of a framework that better reflects the different characteristics of securitisations within the strengthened EU regulatory environment. The first step is to identify sound instruments based on clear eligibility criteria. The second step is to adjust the regulatory framework to allow a more risk-sensitive approach”. The consultation paper focuses on the first step, asking questions about the identification criteria for qualifying securitisation.

(Carolina Raiola)

About Carolina Raiola

Carolina Raiola è responsabile della comunicazione dell’Osservatorio AIR. E’ esperto della Delivery Unit nazionale del Dipartimento della funzione pubblica della Presidenza del Consiglio dei ministri, per le attività di comunicazione e consultazione pubblica nell’attuazione della riforma della PA. Per l’Osservatorio fa ricerca sulla consultazione pubblica.

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