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As representatives of capital market participants and SMEs signed a joined declaration to encourage the European Commission to give priority to the following aspects, while implementing a pragmatic approach to build a Capital Markets Union by 2019:
· Develop innovative, diverse and resilient capital markets to stimulate growth
· Diversify funding sources by fostering an equity culture in Europe
· Support the development of a healthy pan--‐European financial ecosystem and better awareness of companies on financing distribution networks across Europe
The undersigned organizations are ready and willing to collaborate with the Commission services and to participate actively in the consultation process, in order to help provide the relevant data for analysis and impact assessments, that will allow EU policymakers to design, adopt and implement the key measures, which will constitute the pillars of the Capital Market Union for Europe.
An efficient capital market union must remove cross‐border barriers for Europe’s entrepreneurs and investors and reinforce incentives. This means also reviewing – simplifying – financial regulations in order to create optimal framework conditions for businesses. Without lifting restrictions and a substantial pick-up in private investment activity, the economic recovery will not be on a solid footing. The CMU should aim to harness the pool of capital sitting with institutional investors, the corporate sector and international investors to channel funding to entrepreneurs and businesses with high growth potential.
SMEs should be able and knowledgeable to access funding through the channels that are most appropriate for them– including through loans, bonds, various forms of equity investment, and through improved access o initial public offerings. Measures to improve a pan--‐European funding ecosystem should include facilitation of cross‐order investments by developing a common accreditation system and passports for business angels, promoting new co--‐investment schemes (based on existing good practices), enhancing flexibility or SMEs quoted on growth markets, reducing regulation for Emerging Growth Companies quoted on the stock exchange, and creating a truly pan-European crowdfunding market to unlock private savings as relevant source of alternative finance.