EP votes on CMU resolution: EP has voted on an Economic and Monetary Policy Committee (ECON) proposal for resolution to progress the Capital Markets Union (CMU) initiative. ECON wants:
- CMU building blocks in place by 2018;
- reliable non-bank sources of business finance working alongside well-established bank financing;
- cross-border insolvency rules that work, and a recovery and resolution framework for non-banks, in particular central counterparties;
- high-quality, easily comparable financial information on firms seeking crowdfunding or peer-to-peer loans available across borders;
- SME-friendly regulatory requirements, involving simple procedures with a proportionate administrative burden; and
- rules that aim to remove entry barriers for SMEs, improve access to finance for innovative companies and ensure that prudential standards are proportionate to the risks that such companies may cause. MEPs believe that simple transparent and standardised securitisation may be useful for some SMEs.
EP also says it is important that all Member States implement CMU and that there is some degree of standardisation in the financial markets. (Source: EP Votes on CMU Resolution)