Everyone is having their say on the CMU as the European Commission prepares for its next fiveyear mandate. The Capital Markets Union (CMU) is an initiative initially proposed by President Juncker’s Commission in 2014 to encourage companies to raise funds on the stock exchange and make it easier for savers and investors to put their money to work. One of the main questions is the role nonbanks will play in this CMU push. Insurers, pension funds and investment funds are regulated differently than traditional banks: could incoming changes aimed at cutting red tape as part of the CMU push impact future nonbank regulation, if any?

Questions loom large on the legislative framework regulating this sector, especially on their interconnectedness with banks, the risk analysis and market fragmentation. What can be done to ensure market resilience to any potential shocks?

Questions to be addressed include:

How can the EU achieve the CMU’s objectives and is new legislation needed for nonbank regulation? If so, what should be the Commission’s focus?
What is the regulatory approach to nonbanks and how can it enhance EU competitiveness and consumer protection?
Is the current direction of talks on CMU positive for nonbanks?
Which changes could the CMU agenda see to defragment markets in the EU for nonbanks?
Should the EU consider new crisis management tools to extend beyond the traditional banking industry or are the structural differences between banks and nonbanks enough to mitigate risk?

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