The Association argues that this will only succeed if European citizens have the confidence to bring their hard-earned savings to the capital markets to secure their own financial futures as they get older.
This requires efficient capital markets and appropriate consumer protection as well as transparency and accountability on the part of investment managers. It also requires a level playing field, so that consumers are provided with low-cost access to a good choice of products from a wide range of providers. Only then will we achieve the necessary growth in market-based finance that will reduce exposure to the systemic risks inherent in traditional bank lending.
The Association supports an EU framework for simple, transparent and standard securitisations and examines how existing regulatory requirements could be amended to eliminate disincentives to investment. The Association also argues that there is scope to improve the timeliness and quality of information available to potential investors at the time a Prospectus is issued.
Richard Metcalfe, Director of Regulatory Affairs, said: “We believe that Capital Markets Union can make investment better across the whole of the EU. The requirements of the end-consumer and improvements to the operation of markets and UCITS legislation are of vital importance to achieve this.”
Full press release
Full Investment Association’s response to Capital Markets Union
© Investment Management Association (IMA)
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