EACT Response to the European Commission's Consultation on Capital Markets Union

The EACT has responded to the European Commission's consultation on building a Capital Markets Union (CMU). Our response to this very large consultation highlights in general our wish to see the needs of non-financial end-users being put in the centre of future policy considerations in order to have in place a framework of financial regulation that helps non-financial companies to conduct their business. On specific aspects, we underline amongst many other things that standardisation of corporate bond issuance would be particularly unhelpful as such an approach would not reflect issuers' underlying funding requirements and that there is a need to take a critical look at some of the regulatory measures passed in recent years or currently being negotiated because of their negative consequences for non-financial end-users.