ESMA publishes response to Capital Markets Union Mid-Term Review

Capital Markets Union

Date: 15 May 2017

On 6 April 2017, the European Securities and Markets Authority (ESMA) published its response to the European Commission’s (Commission) Consultation Paper on the Capital Markets Union Mid-Term Review.


ESMA fully supports the Commission’s commitment to accelerate the integration of European capital markets and bring much needed diversity in funding to enable European businesses to sustain the growth of the European economy. ESMA, in its response shares its recent experience and suggests further steps that could positively contribute to the CMU in four specific areas:


  • supervisory convergence;
  • financial data;
  • small and medium-sized enterprises (SMEs); and
  • crowdfunding.
The future of the European capital markets is highly dependent on the CMU. An EU with open capital markets, with reduced fragmentation, will also attract investments and strengthen Europe as a global financial center and boost competitiveness of EU firms.