ESMA has published a speech by Steven Maijoor, ESMA Chair, on why safeguarding investors is the key to ensuring the success of the capital markets union (CMU). The objective of the CMU is to diversify the source of funding available by promoting a shift in savings from the banking sector to capital markets. Mr Maijoor recognises that investors must gain (or regain) confidence in the capital markets and believes that enhancing investor protection is a key tool to do this, which can only be achieved through regulatory intervention. Investor protection means more than just information and transparency and Mr Maijoor therefore believes that more substantive requirements need to apply to ensure full investor protection and that this approach emerges clearly in EU securities legislation.