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The European Commission presented on 18 February 2015 its Green Paper on building a Capital Markets Union, launching a public consultation, as well as separate consultations on an EU framework for simple, transparent and standardised securitisation, and on the review of the Prospectus Directive. Developing a Capital Markets Union will build on well-founded principles: a single market for capital, effective levels of investor protection, and a single rulebook for financial services. EFAMA submitted its contribution to the discussion on 13 May 2015.