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An ambitious CMU Action Plan that will need strong political support from Member States

Capital Markets Union | Competitiveness | Distribution & Client Disclosures | EU Fund regulation | Management Companies
24 September 2020 | Press Release
Capital Markets Union
Distribution & Client Disclosures
EU Fund regulation
Management Companies
Capital markets

Building a Capital Markets Union (CMU) that serves the needs of European citizens and businesses is an ambitious yet, essential - project that requires a long-term political vision, determination and perseverance.


The new CMU Action Plan adopted today by the European Commission, which largely builds on the recommendation of the CMU High-Level Forum, is a milestone in the journey towards the realisation of this ambition for Europe.


The 16 actions contained in the Action Plan are largely welcome by EFAMA members and, taken together, have the potential to remove remaining obstacles to cross-border investments and to bring us closer to the creation of an effective CMU. As has been the case with the original Plan of 2015, EFAMA and its members stand ready to play their part in turning it into reality by contributing to the relevant workstreams announced by the European Commission. To deliver on its objectives, this new Action Plan will need the strong political commitment from the European Parliament and the Member States.


This is particularly true when it comes to increasing household participation in capital markets. As shown in a recent EFAMA report, a lot remains to be done to achieve this goal, which is essential for the long-term success of the CMU.


While measures to improve disclosures to retail investors, as foreseen in the Action Plan, are appreciated, these actions will only be effective if Member States concomitantly take appropriate measures in the areas of taxation, pension policies and financial education. EFAMA would recommend the European Commission to develop a dashboard comprising Key Performance Indicators to measure progress made at national level to foster retail investments in capital markets and support the future financial well-being of European citizens.

- ENDS -


For media enquiries, please contact:

Hume Brophy: Kerri Anne Rice ( or Paul Andrieu (


EFAMA: Daniela Haiduc, Head of Communications (

For more information about the analysis in the report: Bernard Delbecque, Senior Director Economics and Research
( )


Notes to editors:

The EFAMA report with further recommendation and information on possible KPIs is available at


Link to European Commission CMU Action Plan

About the European Fund and Asset Management Association (EFAMA):

EFAMA, the voice of the European investment management industry, represents 28 Member Associations, 60 Corporate Members and 23 Associate Members. At end Q2 2020, total net assets of European investment funds reached EUR 17.1 trillion. These assets were managed by almost 34,200 UCITS (Undertakings for Collective Investments in Transferable Securities) and more than 29,100 AIFs (Alternative Investment Funds.

More information is available at Follow us on Twitter @EFAMANews or LinkedIn @EFAMA.


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