The EU needs urgent investment in sectors like cleantech, energy, biotech and AI for better competitiveness and growth. Public funding isn’t enough. A unified capital market is needed to improve company financing and citizen investment options.
In the trading area- Make it easier for trading venues to offer services across Member States.
- Create a Pan-European Market Operator (PEMO) status for groups to operate in multiple countries under one license.
- Simplify the membership process for brokers accessing multiple trading venues.
In the post-trading area- Decrease restrictions on issuers of securities by limiting extra requirements from Member States.
- Simplify cross-border processes for central securities depository (CSD) services.
- Increase access to financial instruments by enhancing connection among EU settlement systems.
Asset management- Make it easier for investment funds to enter the single market by removing barriers, simplifying passporting and harmonising rules.
- Improve asset manager operations by harmonising rules.
- Promote convergence for supervision in the asset management sector.
Innovation- Relaxing limits on distributed ledger technology (DLT) to encourage innovation in the financial sector, ensuring regulations are adaptable and supportive of these technologies.
Simplification- Convert Directives to Regulations for more uniform rules across the EU.
- Simplify law-making by reducing excess national discretion and overlapping oversight.
Supervision- Enhance supervision by assigning ESMA direct oversight of significant market infrastructures and crypto service providers.
- Improve regulatory consistency and strengthen ESMA's decision-making with a new Executive Board.
