ESMA has stated that it is fully supportive of the aims of the Capital Markets Union and has stated that an increased participation of investors will be essential and that the level of confidence and trust of investors in capital markets needs to grow. The responses set out how ESMA's objectives in enhancing investor protection and promoting orderly financial markets can contribute to the Capital Markets Union and contain proposals about where improvements can be made to access to credit information for SMEs and increased cross-border retail participation in investment funds such as UCITS.