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2015/2634(RSP) Resolution on the building a capital markets union

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON
Lead committee dossier:
Legal Basis:
RoP 136-p5

Events

2015/12/01
   EC - Commission response to text adopted in plenary
Documents
SP(2015)575
2015/11/05
   EP - Amendments tabled in committee
Documents
PE557.118
2015/07/09
   EP - Results of vote in Parliament
Documents
Results of vote in Parliament
2015/07/09
   EP - Decision by Parliament
Details

The European Parliament adopted by 552 votes to 111 with 32 abstentions, a resolution tabled by the Committee on Economic and Monetary Affairs, on Building a Capital Markets Union (CMU).

A genuine European approach : Parliament wanted to see a genuine European approach to capital markets. This approach might draw on the experiences from other parts of the world (e.g. the United States) and should duly take into account international developments so that Europe remained attractive for international investors.

The Commission was asked to establish a European approach to strengthen the diversification of funding sources and investments in European businesses. A CMU should build upon the characteristics and interdependence of the European banking and capital markets landscape. It should bear in mind the specificities of the European model for financing of businesses, and the need to develop reliable non-bank sources of finance for growth and to complement these with ways for market participants to raise debt, equity and venture capital directly from the market.

Members stressed, however, that a level playing field among participants must be ensured for similar financing activities and that the key aim for all sectors must be to improve capital allocation across the European economy and make better use of capital stocks that remain idle today.

Parliament recommended the following action:

analyse in depth, on a country-by-country basis, the current situation in the capital markets, to assess in a comprehensive economic analysis where and to what extent EU-wide impediments to investment via capital markets existed, and to indicate by which means, these impediments may be removed identify cross-border risks in financial and capital markets in the EU caused by institutional, legal and regulatory differences between Member States, and address them with effective measures in order to streamline cross-border capital flows and reduce the existing home bias among investors; promote the financial education of both investors and companies as users of capital markets, and enhance the availability of EU data; investigate ways to reduce the information asymmetries in the capital markets for SMEs, looking into the market for credit rating agencies and the barriers for new entrants to this market; integrate initiatives on capital markets with other policy agendas, such as the development of a digital single market and ongoing reforms in the field of company law and corporate governance.

Building blocks of a Capital Markets Union: Parliament took the view that the CMU should follow a step-by-step approach and that the priorities of the CMU should be threefold:

incentivise the most efficient allocation of savings by deepening and diversifying the sources of finance available to businesses and to offer more investment choices, greater transparency and portfolio diversification to savers and investors; enable greater risk mitigation by creating deeper cross-border markets, enhancing the financial system’s resilience against the adverse effects of severe financial crises and smoothing out the impact of idiosyncratic shocks; ensure that there is an effective complementary channel to finance the real economy.

The resolution stressed the following points:

where needed, come forward with proposals to review the current legislation, notably regarding credit rating agencies and audit firms , in order to increase and complete investor protection; eliminate existing barriers to cross-border financing , especially for SMEs, in order to foster the benefits of the CMU for businesses of all sizes in all geographical areas; focus on ensuring that capital markets provide companies with better access to capital and investors with diverse, transparent, affordable saving opportunities; enhance end-user awareness in the chain of intermediation between savers and investments and its cost structure, enhance investor protection, and investigate access to bank lending for SMEs across the Union; foster an environment where more household and corporate savings flow to vehicles that will invest in capital markets, and where investors are encouraged to allocate capital across the borders of Member States; adequate safeguards, especially for households, should be put in place; strengthen the common framework for ensuring comparability and transparency among the different financial instruments; create an appropriate regulatory environment that enhances cross-border access to information on the companies looking for credit, quasi-equity and equity structures, in order to promote growth of non-bank financing models, including crowdfunding and peer-to-peer lending.

Bringing the capital markets closer to SMEs : the difficulty of obtaining bank credit for SMEs meant alternatives to bank financing were needed, in particular by improving the business environment for venture capital, peer-to-peer funds, private placement, SME loan securitisation and promotion of credit unions, and also through standardising the rules concerning public-private partnerships (PPPs) throughout the EU.

Parliament underlined that a positive environment for successful SME financing included the need for SME-friendly economic and regulatory conditions, both at EU and national level. It drew attention to a possible simplification of procedures for the access to IPOs by SMEs and mid-cap companies, while ensuring that firm criteria to assess the resilience and eligibility of businesses for an IPO remained. Parliament called on the Commission to look at what more can be done to help SMEs to attract investment.

Creating a coherent EU regulatory environment for capital markets : Members called on the Commission and Member States to review the over-burdensome regulation for equity financing of private companies.

Furthermore, aware that the heterogeneity of insolvency rules, Parliament noted the Commission’s suggestion of addressing cross-border insolvency to the extent necessary for achieving a well-functioning CMU. It called for the establishment of a recovery and resolution framework for non-banks, in particular central counterparties (CCPs).

It recalled the role of payments systems and securities settlements for the securitisation market and called for a European market infrastructure to be established for this purpose. It also encouraged the Commission to increase the comparability and quality of financial information.

The Commission was asked to speed up its work on the action plan for a CMU and put forward legislative and non-legislative proposals as soon as possible to achieve the objective of a fully integrated single EU capital market by the end of 2018 .

Documents
T8-0268/2015
2015/07/09
   EP - End of procedure in Parliament
2015/07/06
   EP - Debate in Parliament
Documents
Debate in Parliament
2015/07/01
   EP - Motion for a resolution
Documents
B8-0655/2015
2015/06/19
   CSL - Resolution/conclusions adopted by Council
Details

The Council adopted conclusions on the development of a capital markets union in the EU.

The Council recognised that although EU capital markets have expanded over recent decades, they remain fragmented and less developed as compared to those in some other comparable jurisdictions, in particular in certain market segments crucial for jobs and growth such as securitisation and venture capital.

Consequently, it considered that more developed and more integrated capital markets could unlock investment for companies and infrastructure projects, attract foreign investment, contribute to growth and job creation and make the financial system more efficient, robust and resilient to shocks.

The Council welcomed the Commission’s initiative of building a Capital Markets Union (CMU) and the wide range of issues being considered in this context. It insisted on the following issues:

the need to broaden and diversify sources of financing for European companies, especially SMEs, bearing in mind the need to create effective conditions for healthy competition between banks and non-banks in the European financial system; the need to strengthen the equity culture in the EU and to encourage long-term investment in companies, rather than rely excessively on debt; the importance of focusing on improving bank financing as well as on developing non-bank financing opportunities for all SMEs from smaller or larger financial markets; the importance of increasing retail investment and ensuring robust investor and consumer protection; the need to consider approaches enhancing access to intermediated financing for companies as a necessary complement to the CMU; the principles of subsidiarity and proportionality should be respected in any future related initiative and that financial market stability should not be put at risk; the CMU should encompass all 28 Member States , while taking account of the various degrees of development of capital markets and their different levels of size and integration; the process of promoting ESG (Environment, Social and Governance) investment; the important catalysing role of the new European Fund for Strategic Investments ( EFSI ) and of the European Long-Term Investment Funds ( ELTIFs ) should be stressed; the need to address barriers to the free movement of capital to ensure that Europe’s capital markets can compete on a fair basis with other economic areas.

Short-term priorities for action : recognising that securitisation can provide an effective mechanism to transfer risk from bank lenders to non-bank operators, the Council called on the Commission to propose a framework for simple, transparent and standardised securitisation , building on the numerous ongoing initiatives at European and international levels, as a matter of priority at the latest by the end of 2015 , including:

a clear overarching definition of such securitisations, ensuring consistency of the common key aspects across different sectoral legislations; a sound mechanism for verifying qualifying securitisations, and areas where these deserve a preferential treatment, as well as an appropriate calibration thereof.

The Council also:

stressed the need to enhance and streamline access to credit information while keeping the provision of data on a voluntary basis where justified for certain SMEs, and minimising the burdens on SMEs in the EU; confirmed the need to simplify and streamline the process for preparing and, where appropriate, approving the prospectus , ensuring an appropriate balance between achieving adequate investor protection and confidence and minimising the burden on businesses.

Medium to long-term action : achieving a CMU will require a broad range of initiatives aimed at stimulating and matching the supply-side and the demand-side of finance.

The Council proposed that an ambitious approach is needed, requiring work to be started immediately . In order to ensure cross-sectorial consistency, work to prepare the CMU should carefully evaluate the cumulative effect of legislative changes since the financial crisis and assess the need for proportionate measures to:

enhance liquidity and market making, especially on asset classes where liquidity has recently diminished; and, improve cross-border investment in corporate debt and equity securities; increase investment capacity in the Union, where necessary through appropriate adjustments of the prudential framework for key finance providers, such as insurance companies, while taking due account of financial stability considerations; remove barriers to marketing and growth of investment funds and their operation cross border, in recognition that such funds are a significant source of finance in the EU.

The Council also stressed the importance of:

improving 'financial ecosystems' throughout the Union, in particular through promoting entrepreneurship, improving corporate governance practices, diversifying the sources of financing and enhancing financial literacy; a fully functioning CMU which should rely on an efficient, effective and stable investment chain supported by robust market infrastructures and foster a well-functioning cross border flow of collateral; a long-term structural policy agenda which should go beyond initiatives in the field of financial services and that building an effective CMU will also require further analysis of possible barriers in related areas such as insolvency, securities and company law; enhancing supervisory convergence and ensuring coherent application of financial regulation across the Union; strengthening the macro-prudential toolkit beyond banking, and specifically into the areas of investment, securities and shadow banking.

Lastly, the Commission is invited to consider the full range of possible actions, taking into account the outcome of its consultation process, and to elaborate by September 2015 a comprehensive, targeted and ambitious action plan for building the CMU.

2015/06/19
   CSL - Council Meeting
2015/06/16
   EP - Oral question/interpellation by Parliament
Documents
B8-0564/2015

Documents

Activities

Votes

B8-0655/2015 - Am 3 #

2015/07/09 Outcome: -: 475, +: 174, 0: 10
EL ?? CY SE LU IE MT LV EE DK SI BE FI LT HR FR ES HU AT GB CZ SK IT PT NL BG RO DE PL
Total
14
1
4
18
5
10
6
7
5
10
8
19
12
10
10
66
45
16
16
65
20
12
58
21
23
15
27
86
49
icon: GUE/NGL GUE/NGL
48

Greece GUE/NGL

5

Cyprus GUE/NGL

1

Sweden GUE/NGL

For (1)

Malin BJÖRK
1

Ireland GUE/NGL

Against (1)

Luke Ming FLANAGAN
4

Denmark GUE/NGL

For (1)

Rina Ronja KARI
1

Finland GUE/NGL

For (1)

Merja KYLLÖNEN
1

France GUE/NGL

3

Spain GUE/NGL

10

United Kingdom GUE/NGL

1

Czechia GUE/NGL

3

Italy GUE/NGL

3

Portugal GUE/NGL

4

Netherlands GUE/NGL

3

Germany GUE/NGL

8
icon: Verts/ALE Verts/ALE
43

Sweden Verts/ALE

4

Luxembourg Verts/ALE

For (1)

Claude TURMES
1

Latvia Verts/ALE

1

Denmark Verts/ALE

For (1)

Margrete AUKEN
1

Slovenia Verts/ALE

For (1)

Igor ŠOLTES
1

Belgium Verts/ALE

For (1)

Bart STAES
1

Finland Verts/ALE

For (1)

Heidi HAUTALA
1

Lithuania Verts/ALE

For (1)

Bronis ROPĖ
1

Croatia Verts/ALE

For (1)

Davor ŠKRLEC
1

France Verts/ALE

5

Spain Verts/ALE

4

Hungary Verts/ALE

For (1)

Benedek JÁVOR
1

Austria Verts/ALE

3

United Kingdom Verts/ALE

5

Netherlands Verts/ALE

2

Germany Verts/ALE

11
icon: EFDD EFDD
42

Sweden EFDD

2

France EFDD

Against (1)

Joëlle BERGERON
1

United Kingdom EFDD

20

Czechia EFDD

For (1)

Petr MACH
1

Italy EFDD

17

Poland EFDD

1
icon: ENF ENF
34

Belgium ENF

For (1)

Gerolf ANNEMANS
1

France ENF

Abstain (1)

Louis ALIOT
20

Austria ENF

4

Italy ENF

5

Netherlands ENF

Against (2)

Olaf STUGER, Vicky MAEIJER
2

Poland ENF

2
icon: NI NI
8

Greece NI

2

France NI

Against (1)

Jean-Marie LE PEN
1

Hungary NI

2

United Kingdom NI

Against (1)

Diane DODDS
1

Germany NI

For (1)

Udo VOIGT
1

Poland NI

1
icon: ECR ECR
65

Greece ECR

For (1)

Notis MARIAS
1

ECR

Against (1)

Bernd LUCKE
1

Latvia ECR

Against (1)

Roberts ZĪLE
1

Denmark ECR

3

Belgium ECR

4

Finland ECR

2

Lithuania ECR

Against (1)

Waldemar TOMASZEWSKI
1

Croatia ECR

Against (1)

Ruža TOMAŠIĆ
1

United Kingdom ECR

17

Czechia ECR

2

Slovakia ECR

2

Italy ECR

Against (1)

Remo SERNAGIOTTO
1

Netherlands ECR

2

Bulgaria ECR

2

Germany ECR

7

Poland ECR

18
icon: ALDE ALDE
65

Sweden ALDE

3

Luxembourg ALDE

Against (1)

Charles GOERENS
1

Ireland ALDE

Against (1)

Marian HARKIN
1

Estonia ALDE

3

Denmark ALDE

2

Slovenia ALDE

Against (1)

Ivo VAJGL
1

Belgium ALDE

5

Finland ALDE

3

Lithuania ALDE

4

Croatia ALDE

2

France ALDE

6

Spain ALDE

8

Austria ALDE

Against (1)

Angelika MLINAR
1

United Kingdom ALDE

Against (1)

Catherine BEARDER
1

Czechia ALDE

4

Portugal ALDE

2

Netherlands ALDE

7

Bulgaria ALDE

4

Romania ALDE

3

Germany ALDE

4
icon: S&D S&D
165

Greece S&D

3

Cyprus S&D

2

Sweden S&D

Abstain (1)

Soraya POST
5

Luxembourg S&D

Against (1)

Mady DELVAUX
1

Ireland S&D

Against (1)

Nessa CHILDERS
1

Malta S&D

For (1)

Miriam DALLI

Against (2)

Alfred SANT, Marlene MIZZI
3

Latvia S&D

Against (1)

Andrejs MAMIKINS
1

Estonia S&D

Against (1)

Marju LAURISTIN
1

Denmark S&D

2

Slovenia S&D

Against (1)

Tanja FAJON
1

Belgium S&D

4

Finland S&D

2

Lithuania S&D

2

Croatia S&D

2

France S&D

For (1)

Vincent PEILLON
13

Spain S&D

Abstain (1)

Clara AGUILERA
11

Hungary S&D

3

Austria S&D

3

United Kingdom S&D

For (1)

David MARTIN
20

Czechia S&D

4

Slovakia S&D

4

Italy S&D

22

Portugal S&D

8

Netherlands S&D

Against (2)

Kati PIRI, Paul TANG
2

Bulgaria S&D

3

Romania S&D

12

Germany S&D

25

Poland S&D

5
icon: PPE PPE
188

Greece PPE

3

Cyprus PPE

Against (1)

Lefteris CHRISTOFOROU
1

Sweden PPE

3

Luxembourg PPE

2

Ireland PPE

4

Malta PPE

3

Latvia PPE

4

Estonia PPE

Against (1)

Tunne KELAM
1

Denmark PPE

Against (1)

Bendt BENDTSEN
1

Slovenia PPE

5

Belgium PPE

4

Finland PPE

3

Lithuania PPE

2

Croatia PPE

4

France PPE

17

Spain PPE

12

Hungary PPE

10

Austria PPE

5

Czechia PPE

6

Slovakia PPE

6

Italy PPE

10

Portugal PPE

7

Netherlands PPE

5

Bulgaria PPE

6

Romania PPE

12

Germany PPE

30

Poland PPE

22

B8-0655/2015 - Am 7 #

2015/07/09 Outcome: -: 539, +: 98, 0: 28
?? EL CY LU IE EE MT LV SI IT DK FI LT HR SE SK PT HU CZ BG NL AT FR BE ES RO GB PL DE
Total
1
14
4
5
10
5
6
7
8
60
11
12
10
10
18
12
21
17
21
16
23
17
67
19
45
27
65
49
84
icon: GUE/NGL GUE/NGL
48

Greece GUE/NGL

5

Cyprus GUE/NGL

1

Ireland GUE/NGL

Against (1)

Luke Ming FLANAGAN
4

Italy GUE/NGL

3

Denmark GUE/NGL

For (1)

Rina Ronja KARI
1

Finland GUE/NGL

For (1)

Merja KYLLÖNEN
1

Sweden GUE/NGL

For (1)

Malin BJÖRK
1

Portugal GUE/NGL

4

Czechia GUE/NGL

3

Netherlands GUE/NGL

3

France GUE/NGL

3

Spain GUE/NGL

10

United Kingdom GUE/NGL

1

Germany GUE/NGL

8
icon: ENF ENF
33

Italy ENF

5

Netherlands ENF

Against (2)

Olaf STUGER, Vicky MAEIJER
2

Austria ENF

4

France ENF

19

Belgium ENF

Abstain (1)

Gerolf ANNEMANS
1

Poland ENF

2
icon: EFDD EFDD
42

Italy EFDD

17

Sweden EFDD

2

Czechia EFDD

Abstain (1)

Petr MACH
1

France EFDD

Against (1)

Joëlle BERGERON
1

United Kingdom EFDD

20

Poland EFDD

1
icon: NI NI
9

Greece NI

2

Hungary NI

2

France NI

2

United Kingdom NI

Against (1)

Diane DODDS
1

Poland NI

Against (1)

Janusz KORWIN-MIKKE
1

Germany NI

For (1)

Udo VOIGT
1
icon: Verts/ALE Verts/ALE
44

Luxembourg Verts/ALE

For (1)

Claude TURMES
1

Latvia Verts/ALE

Against (1)

Tatjana ŽDANOKA
1

Slovenia Verts/ALE

Against (1)

Igor ŠOLTES
1

Denmark Verts/ALE

Against (1)

Margrete AUKEN
1

Lithuania Verts/ALE

Against (1)

Bronis ROPĖ
1

Croatia Verts/ALE

Against (1)

Davor ŠKRLEC
1

Sweden Verts/ALE

4

Hungary Verts/ALE

2

Netherlands Verts/ALE

2

Austria Verts/ALE

3

France Verts/ALE

Abstain (1)

José BOVÉ
6

Belgium Verts/ALE

Against (1)

Bart STAES
1

Spain Verts/ALE

4

United Kingdom Verts/ALE

Abstain (1)

Molly SCOTT CATO
5

Germany Verts/ALE

11
icon: ECR ECR
65

ECR

Against (1)

Bernd LUCKE
1

Greece ECR

For (1)

Notis MARIAS
1

Latvia ECR

Against (1)

Roberts ZĪLE
1

Italy ECR

Against (1)

Remo SERNAGIOTTO
1

Denmark ECR

4

Finland ECR

2

Lithuania ECR

Against (1)

Waldemar TOMASZEWSKI
1

Croatia ECR

Against (1)

Ruža TOMAŠIĆ
1

Slovakia ECR

2

Czechia ECR

2

Bulgaria ECR

2

Netherlands ECR

2

Belgium ECR

4

United Kingdom ECR

17

Poland ECR

18

Germany ECR

6
icon: ALDE ALDE
66

Luxembourg ALDE

Against (1)

Charles GOERENS
1

Ireland ALDE

Against (1)

Marian HARKIN
1

Estonia ALDE

3

Slovenia ALDE

Against (1)

Ivo VAJGL
1

Denmark ALDE

2

Finland ALDE

4

Lithuania ALDE

4

Croatia ALDE

2

Sweden ALDE

3

Portugal ALDE

2

Czechia ALDE

4

Bulgaria ALDE

4

Netherlands ALDE

7

Austria ALDE

Against (1)

Angelika MLINAR
1

France ALDE

6

Belgium ALDE

5

Spain ALDE

8

Romania ALDE

3

United Kingdom ALDE

Against (1)

Catherine BEARDER
1

Germany ALDE

4
icon: S&D S&D
168

Greece S&D

3

Cyprus S&D

2

Luxembourg S&D

Against (1)

Mady DELVAUX
1

Ireland S&D

Against (1)

Nessa CHILDERS
1

Estonia S&D

Against (1)

Marju LAURISTIN
1

Malta S&D

3

Latvia S&D

Against (1)

Andrejs MAMIKINS
1

Slovenia S&D

Against (1)

Tanja FAJON
1

Italy S&D

Abstain (1)

Elly SCHLEIN
24

Denmark S&D

2

Finland S&D

2

Lithuania S&D

2

Croatia S&D

2

Sweden S&D

For (1)

Soraya POST
5

Slovakia S&D

4

Portugal S&D

8

Hungary S&D

3

Czechia S&D

4

Bulgaria S&D

4

Netherlands S&D

Against (2)

Kati PIRI, Paul TANG
2

Austria S&D

4

France S&D

13

Belgium S&D

4

Spain S&D

Abstain (1)

Elena VALENCIANO
10

Romania S&D

12

United Kingdom S&D

20

Poland S&D

5

Germany S&D

25
icon: PPE PPE
189

Greece PPE

3

Cyprus PPE

Against (1)

Lefteris CHRISTOFOROU
1

Luxembourg PPE

2

Ireland PPE

4

Estonia PPE

Against (1)

Tunne KELAM
1

Malta PPE

3

Latvia PPE

4

Slovenia PPE

5

Italy PPE

10

Denmark PPE

Against (1)

Bendt BENDTSEN
1

Finland PPE

3

Lithuania PPE

2

Croatia PPE

4

Sweden PPE

3

Slovakia PPE

6

Portugal PPE

7

Hungary PPE

10

Czechia PPE

7

Bulgaria PPE

6

Netherlands PPE

5

Austria PPE

5

France PPE

17

Belgium PPE

4

Spain PPE

13

Romania PPE

12

Poland PPE

22

Germany PPE

29

B8-0655/2015 - Am 8 #

2015/07/09 Outcome: -: 515, +: 142, 0: 5
?? EL CY IE LU FR LV EE SE SI MT IT DK LT HR FI HU AT PT NL SK BE CZ BG ES RO DE PL GB
Total
1
12
4
10
4
67
7
5
18
8
6
59
11
9
10
13
17
16
21
23
12
19
21
17
45
27
85
48
66
icon: GUE/NGL GUE/NGL
46

Greece GUE/NGL

3

Cyprus GUE/NGL

1

Ireland GUE/NGL

Against (1)

Luke Ming FLANAGAN
4

France GUE/NGL

3

Sweden GUE/NGL

For (1)

Malin BJÖRK
1

Italy GUE/NGL

3

Denmark GUE/NGL

For (1)

Rina Ronja KARI
1

Finland GUE/NGL

For (1)

Merja KYLLÖNEN
1

Portugal GUE/NGL

4

Netherlands GUE/NGL

3

Czechia GUE/NGL

3

Spain GUE/NGL

10

Germany GUE/NGL

8

United Kingdom GUE/NGL

1
icon: Verts/ALE Verts/ALE
44

France Verts/ALE

6

Latvia Verts/ALE

1

Sweden Verts/ALE

4

Slovenia Verts/ALE

For (1)

Igor ŠOLTES
1

Denmark Verts/ALE

For (1)

Margrete AUKEN
1

Lithuania Verts/ALE

For (1)

Bronis ROPĖ
1

Croatia Verts/ALE

For (1)

Davor ŠKRLEC
1

Finland Verts/ALE

For (1)

Heidi HAUTALA
1

Hungary Verts/ALE

2

Austria Verts/ALE

3

Netherlands Verts/ALE

2

Belgium Verts/ALE

For (1)

Bart STAES
1

Spain Verts/ALE

4

Germany Verts/ALE

11

United Kingdom Verts/ALE

5
icon: ENF ENF
34

France ENF

Against (1)

Jean-Luc SCHAFFHAUSER
20

Italy ENF

5

Austria ENF

4

Netherlands ENF

Against (2)

Olaf STUGER, Vicky MAEIJER
2

Belgium ENF

For (1)

Gerolf ANNEMANS
1

Poland ENF

2
icon: NI NI
9

Greece NI

2

France NI

2

Hungary NI

2

Germany NI

For (1)

Udo VOIGT
1

Poland NI

Against (1)

Janusz KORWIN-MIKKE
1

United Kingdom NI

Against (1)

Diane DODDS
1
icon: EFDD EFDD
42

France EFDD

1

Sweden EFDD

2

Italy EFDD

17

Czechia EFDD

Against (1)

Petr MACH
1

Poland EFDD

1

United Kingdom EFDD

20
icon: ALDE ALDE
64

Ireland ALDE

Against (1)

Marian HARKIN
1

Luxembourg ALDE

Against (1)

Charles GOERENS
1

France ALDE

5

Estonia ALDE

3

Sweden ALDE

3

Slovenia ALDE

Against (1)

Ivo VAJGL
1

Denmark ALDE

2

Lithuania ALDE

3

Croatia ALDE

2

Finland ALDE

4

Austria ALDE

Against (1)

Angelika MLINAR
1

Portugal ALDE

2

Netherlands ALDE

7

Belgium ALDE

5

Czechia ALDE

4

Bulgaria ALDE

4

Spain ALDE

8

Romania ALDE

3

Germany ALDE

4

United Kingdom ALDE

Against (1)

Catherine BEARDER
1
icon: ECR ECR
67

ECR

Against (1)

Bernd LUCKE
1

Greece ECR

For (1)

Notis MARIAS
1

Latvia ECR

Against (1)

Roberts ZĪLE
1

Italy ECR

Against (1)

Remo SERNAGIOTTO
1

Denmark ECR

4

Lithuania ECR

Against (1)

Waldemar TOMASZEWSKI
1

Croatia ECR

Against (1)

Ruža TOMAŠIĆ
1

Finland ECR

2

Netherlands ECR

2

Slovakia ECR

2

Belgium ECR

4

Czechia ECR

2

Bulgaria ECR

2

Germany ECR

7

Poland ECR

18

United Kingdom ECR

18
icon: S&D S&D
168

Greece S&D

3

Cyprus S&D

2

Ireland S&D

Against (1)

Nessa CHILDERS
1

Luxembourg S&D

Against (1)

Mady DELVAUX
1

France S&D

13

Latvia S&D

Against (1)

Andrejs MAMIKINS
1

Estonia S&D

Against (1)

Marju LAURISTIN
1

Sweden S&D

For (1)

Soraya POST
5

Slovenia S&D

Against (1)

Tanja FAJON
1

Malta S&D

3

Italy S&D

For (1)

Elly SCHLEIN
24

Denmark S&D

2

Lithuania S&D

2

Croatia S&D

2

Finland S&D

2

Hungary S&D

3

Austria S&D

3

Portugal S&D

For (1)

Ana GOMES
8

Netherlands S&D

Abstain (2)

Kati PIRI, Paul TANG
2

Slovakia S&D

4

Belgium S&D

4

Czechia S&D

4

Bulgaria S&D

For (1)

Georgi PIRINSKI
4

Spain S&D

11

Romania S&D

12

Germany S&D

Abstain (1)

Jakob von WEIZSÄCKER
25

Poland S&D

5

United Kingdom S&D

20
icon: PPE PPE
187

Greece PPE

3

Cyprus PPE

Against (1)

Lefteris CHRISTOFOROU
1

Ireland PPE

4

Luxembourg PPE

2

France PPE

17

Latvia PPE

4

Estonia PPE

Against (1)

Tunne KELAM
1

Sweden PPE

3

Slovenia PPE

5

Malta PPE

3

Italy PPE

9

Denmark PPE

Against (1)

Bendt BENDTSEN
1

Lithuania PPE

2

Croatia PPE

4

Finland PPE

3

Hungary PPE

10

Austria PPE

5

Portugal PPE

7

Netherlands PPE

5

Slovakia PPE

6

Belgium PPE

4

Czechia PPE

7

Bulgaria PPE

7

Spain PPE

12

Romania PPE

12

Germany PPE

29

Poland PPE

21

B8-0655/2015 - Am 11 #

2015/07/09 Outcome: -: 562, +: 96, 0: 6
EL ?? CY LU IE EE MT LV SI IT DK LT HR PT FI SK HU CZ FR SE BG AT NL BE ES RO PL GB DE
Total
14
1
4
5
10
5
6
7
8
60
11
9
10
19
13
12
17
21
67
18
16
16
23
19
46
27
49
64
86
icon: GUE/NGL GUE/NGL
48

Greece GUE/NGL

5

Cyprus GUE/NGL

1

Ireland GUE/NGL

Against (1)

Luke Ming FLANAGAN
4

Italy GUE/NGL

3

Denmark GUE/NGL

For (1)

Rina Ronja KARI
1

Portugal GUE/NGL

4

Finland GUE/NGL

For (1)

Merja KYLLÖNEN
1

Czechia GUE/NGL

3

France GUE/NGL

3

Sweden GUE/NGL

For (1)

Malin BJÖRK
1

Netherlands GUE/NGL

For (1)

Anja HAZEKAMP
3

Spain GUE/NGL

10

United Kingdom GUE/NGL

1

Germany GUE/NGL

8
icon: ENF ENF
34

Italy ENF

5

France ENF

Against (1)

Jean-Luc SCHAFFHAUSER
20

Austria ENF

4

Netherlands ENF

Against (2)

Olaf STUGER, Vicky MAEIJER
2

Belgium ENF

Against (1)

Gerolf ANNEMANS
1

Poland ENF

2
icon: NI NI
8

Greece NI

2

Hungary NI

2

France NI

2

Poland NI

Against (1)

Janusz KORWIN-MIKKE
1

Germany NI

For (1)

Udo VOIGT
1
icon: EFDD EFDD
42

Italy EFDD

17

Czechia EFDD

Against (1)

Petr MACH
1

France EFDD

Against (1)

Joëlle BERGERON
1

Sweden EFDD

2

Poland EFDD

1

United Kingdom EFDD

20
icon: Verts/ALE Verts/ALE
45

Luxembourg Verts/ALE

For (1)

Claude TURMES
1

Latvia Verts/ALE

Against (1)

Tatjana ŽDANOKA
1

Slovenia Verts/ALE

Against (1)

Igor ŠOLTES
1

Denmark Verts/ALE

Against (1)

Margrete AUKEN
1

Lithuania Verts/ALE

Against (1)

Bronis ROPĖ
1

Croatia Verts/ALE

Against (1)

Davor ŠKRLEC
1

Finland Verts/ALE

Against (1)

Heidi HAUTALA
1

Hungary Verts/ALE

2

France Verts/ALE

Abstain (1)

José BOVÉ
6

Sweden Verts/ALE

4

Austria Verts/ALE

3

Netherlands Verts/ALE

2

Belgium Verts/ALE

Against (1)

Bart STAES
1

Spain Verts/ALE

For (1)

Ernest URTASUN
4

United Kingdom Verts/ALE

5

Germany Verts/ALE

11
icon: ALDE ALDE
66

Luxembourg ALDE

Against (1)

Charles GOERENS
1

Ireland ALDE

Against (1)

Marian HARKIN
1

Estonia ALDE

3

Slovenia ALDE

Against (1)

Ivo VAJGL
1

Denmark ALDE

2

Lithuania ALDE

4

Croatia ALDE

2

Portugal ALDE

2

Finland ALDE

4

Czechia ALDE

4

France ALDE

For (1)

Jean ARTHUIS
6

Sweden ALDE

3

Bulgaria ALDE

4

Austria ALDE

Against (1)

Angelika MLINAR
1

Netherlands ALDE

7

Belgium ALDE

5

Spain ALDE

8

Romania ALDE

3

United Kingdom ALDE

Against (1)

Catherine BEARDER
1

Germany ALDE

4
icon: ECR ECR
66

Greece ECR

For (1)

Notis MARIAS
1

ECR

Against (1)

Bernd LUCKE
1

Latvia ECR

Against (1)

Roberts ZĪLE
1

Italy ECR

Against (1)

Remo SERNAGIOTTO
1

Denmark ECR

4

Lithuania ECR

Against (1)

Waldemar TOMASZEWSKI
1

Croatia ECR

Against (1)

Ruža TOMAŠIĆ
1

Finland ECR

2

Slovakia ECR

2

Czechia ECR

2

Bulgaria ECR

2

Netherlands ECR

2

Belgium ECR

4

Poland ECR

18

United Kingdom ECR

17

Germany ECR

7
icon: S&D S&D
165

Greece S&D

3

Cyprus S&D

2

Luxembourg S&D

Against (1)

Mady DELVAUX
1

Ireland S&D

Against (1)

Nessa CHILDERS
1

Estonia S&D

Against (1)

Marju LAURISTIN
1

Malta S&D

3

Latvia S&D

Against (1)

Andrejs MAMIKINS
1

Slovenia S&D

Against (1)

Tanja FAJON
1

Italy S&D

Abstain (1)

Elly SCHLEIN
24

Denmark S&D

2

Lithuania S&D

1

Croatia S&D

2

Portugal S&D

8

Finland S&D

2

Slovakia S&D

4

Hungary S&D

3

Czechia S&D

4

France S&D

12

Sweden S&D

5

Bulgaria S&D

3

Austria S&D

3

Netherlands S&D

Against (2)

Kati PIRI, Paul TANG
2

Belgium S&D

4

Spain S&D

11

Romania S&D

12

Poland S&D

5

United Kingdom S&D

20

Germany S&D

25
icon: PPE PPE
189

Greece PPE

3

Cyprus PPE

Against (1)

Lefteris CHRISTOFOROU
1

Luxembourg PPE

2

Ireland PPE

4

Estonia PPE

Against (1)

Tunne KELAM
1

Malta PPE

3

Latvia PPE

4

Slovenia PPE

5

Italy PPE

10

Denmark PPE

Against (1)

Bendt BENDTSEN
1

Lithuania PPE

2

Croatia PPE

4

Portugal PPE

5

Finland PPE

3

Slovakia PPE

6

Hungary PPE

10

Czechia PPE

7

France PPE

17

Sweden PPE

3

Bulgaria PPE

7

Austria PPE

5

Netherlands PPE

5

Belgium PPE

4

Spain PPE

13

Romania PPE

12

Poland PPE

22

Germany PPE

30

B8-0655/2015 - § 50 #

2015/07/09 Outcome: +: 479, 0: 133, -: 53
DE IT FR ES PL RO HU NL CZ PT BG SE AT BE SK LT HR SI FI DK MT LV IE EE GB LU EL CY ??
Total
85
60
68
44
49
26
17
23
21
21
17
18
17
19
12
10
10
8
12
11
6
7
10
5
65
5
13
4
1
icon: PPE PPE
191

Germany PPE

30

Italy PPE

10

France PPE

17

Spain PPE

13

Poland PPE

22

Romania PPE

12

Hungary PPE

10

Netherlands PPE

5

Czechia PPE

7

Portugal PPE

7

Bulgaria PPE

7

Sweden PPE

3

Austria PPE

5

Belgium PPE

4

Slovakia PPE

6

Lithuania PPE

2

Croatia PPE

4

Slovenia PPE

5

Finland PPE

Against (1)

Sirpa PIETIKÄINEN
3

Denmark PPE

For (1)

Bendt BENDTSEN
1

Malta PPE

3

Latvia PPE

4

Ireland PPE

4

Estonia PPE

For (1)

Tunne KELAM
1

Luxembourg PPE

For (1)

Georges BACH

Against (1)

Viviane REDING
2

Greece PPE

3

Cyprus PPE

1
icon: S&D S&D
165

Germany S&D

24

Italy S&D

24

France S&D

13

Spain S&D

10

Poland S&D

5

Romania S&D

11

Hungary S&D

3

Netherlands S&D

For (2)

Kati PIRI, Paul TANG
2

Czechia S&D

4

Portugal S&D

8

Bulgaria S&D

Against (1)

Iliana IOTOVA
4

Sweden S&D

5

Austria S&D

4

Belgium S&D

4

Slovakia S&D

4

Lithuania S&D

2

Croatia S&D

2

Slovenia S&D

For (1)

Tanja FAJON
1

Finland S&D

2

Denmark S&D

2

Malta S&D

3

Latvia S&D

1

Ireland S&D

For (1)

Nessa CHILDERS
1

Estonia S&D

For (1)

Marju LAURISTIN
1

United Kingdom S&D

Against (1)

Clare MOODY
20

Luxembourg S&D

For (1)

Mady DELVAUX
1

Greece S&D

2

Cyprus S&D

2
icon: ALDE ALDE
66

Germany ALDE

4

France ALDE

6

Spain ALDE

8

Romania ALDE

3

Netherlands ALDE

7

Czechia ALDE

4

Portugal ALDE

2

Bulgaria ALDE

4

Sweden ALDE

3

Austria ALDE

For (1)

Angelika MLINAR
1

Belgium ALDE

Against (1)

Louis MICHEL
5

Lithuania ALDE

4

Croatia ALDE

2

Slovenia ALDE

For (1)

Ivo VAJGL
1

Finland ALDE

4

Denmark ALDE

2

Ireland ALDE

For (1)

Marian HARKIN
1

Estonia ALDE

3

United Kingdom ALDE

1

Luxembourg ALDE

For (1)

Charles GOERENS
1
icon: Verts/ALE Verts/ALE
44

Germany Verts/ALE

11

France Verts/ALE

6

Spain Verts/ALE

4

Hungary Verts/ALE

2

Netherlands Verts/ALE

2

Sweden Verts/ALE

4

Austria Verts/ALE

3

Belgium Verts/ALE

For (1)

Bart STAES
1

Lithuania Verts/ALE

For (1)

Bronis ROPĖ
1

Croatia Verts/ALE

For (1)

Davor ŠKRLEC
1

Slovenia Verts/ALE

For (1)

Igor ŠOLTES
1

Denmark Verts/ALE

For (1)

Margrete AUKEN
1

Latvia Verts/ALE

1

United Kingdom Verts/ALE

5

Luxembourg Verts/ALE

For (1)

Claude TURMES
1
icon: NI NI
9

Germany NI

For (1)

Udo VOIGT
1

France NI

2

Poland NI

Against (1)

Janusz KORWIN-MIKKE
1

Hungary NI

2

United Kingdom NI

Abstain (1)

Diane DODDS
1

Greece NI

2
icon: ECR ECR
66

Germany ECR

7

Italy ECR

Abstain (1)

Remo SERNAGIOTTO
1

Poland ECR

18

Netherlands ECR

2

Czechia ECR

2

Bulgaria ECR

2

Belgium ECR

4

Slovakia ECR

2

Lithuania ECR

Abstain (1)

Waldemar TOMASZEWSKI
1

Croatia ECR

Abstain (1)

Ruža TOMAŠIĆ
1

Finland ECR

2

Denmark ECR

4

Latvia ECR

Abstain (1)

Roberts ZĪLE
1

United Kingdom ECR

17

Greece ECR

Abstain (1)

Notis MARIAS
1

ECR

Abstain (1)

Bernd LUCKE
1
icon: GUE/NGL GUE/NGL
47

Germany GUE/NGL

8

Italy GUE/NGL

3

France GUE/NGL

3

Spain GUE/NGL

9

Netherlands GUE/NGL

3

Czechia GUE/NGL

3

Portugal GUE/NGL

Abstain (1)

Marisa MATIAS
4

Sweden GUE/NGL

Abstain (1)

Malin BJÖRK
1

Finland GUE/NGL

Abstain (1)

Merja KYLLÖNEN
1

Denmark GUE/NGL

Abstain (1)

Rina Ronja KARI
1

Ireland GUE/NGL

Against (1)

Luke Ming FLANAGAN
4

United Kingdom GUE/NGL

Abstain (1)

Martina ANDERSON
1

Greece GUE/NGL

5

Cyprus GUE/NGL

Against (1)

Neoklis SYLIKIOTIS
1
icon: EFDD EFDD
42

Italy EFDD

17

France EFDD

Against (1)

Joëlle BERGERON
1

Poland EFDD

1

Czechia EFDD

Against (1)

Petr MACH
1

Sweden EFDD

2

United Kingdom EFDD

20
icon: ENF ENF
34

Italy ENF

5

France ENF

20

Poland ENF

2

Netherlands ENF

Against (2)

Olaf STUGER, Vicky MAEIJER
2

Austria ENF

4

Belgium ENF

Abstain (1)

Gerolf ANNEMANS
1

B8-0655/2015 - Résolution #

2015/07/09 Outcome: +: 532, -: 111, 0: 24
DE PL FR RO ES GB BE BG NL CZ PT HU SK SE FI HR AT IT DK LT SI LV MT LU EE IE CY ?? EL
Total
84
49
67
27
46
65
19
17
23
21
21
17
12
18
13
10
17
60
11
10
7
7
6
5
5
10
4
1
14
icon: PPE PPE
190

Germany PPE

30

Poland PPE

22

France PPE

17

Romania PPE

12

Spain PPE

13

Belgium PPE

4

Bulgaria PPE

7

Netherlands PPE

5

Czechia PPE

7

Portugal PPE

7

Hungary PPE

10

Slovakia PPE

6

Sweden PPE

3

Finland PPE

3

Croatia PPE

4

Austria PPE

5

Italy PPE

10

Denmark PPE

For (1)

Bendt BENDTSEN
1

Lithuania PPE

2

Slovenia PPE

4

Latvia PPE

4

Malta PPE

3

Luxembourg PPE

2

Estonia PPE

For (1)

Tunne KELAM
1

Ireland PPE

4

Cyprus PPE

1

Greece PPE

3
icon: S&D S&D
169

Germany S&D

25

Poland S&D

5

France S&D

13

Romania S&D

12

Spain S&D

11

United Kingdom S&D

20

Belgium S&D

4

Bulgaria S&D

4

Netherlands S&D

For (2)

Kati PIRI, Paul TANG
2

Czechia S&D

4

Portugal S&D

8

Hungary S&D

3

Slovakia S&D

4

Sweden S&D

Abstain (1)

Soraya POST
5

Finland S&D

2

Croatia S&D

2

Austria S&D

4

Italy S&D

24

Denmark S&D

2

Lithuania S&D

2

Slovenia S&D

For (1)

Tanja FAJON
1

Latvia S&D

1

Malta S&D

3

Luxembourg S&D

For (1)

Mady DELVAUX
1

Estonia S&D

For (1)

Marju LAURISTIN
1

Ireland S&D

For (1)

Nessa CHILDERS
1

Cyprus S&D

2

Greece S&D

3
icon: ALDE ALDE
65

Germany ALDE

3

France ALDE

6

Romania ALDE

3

Spain ALDE

8

United Kingdom ALDE

1

Belgium ALDE

5

Bulgaria ALDE

4

Netherlands ALDE

7

Czechia ALDE

4

Portugal ALDE

2

Sweden ALDE

3

Finland ALDE

4

Croatia ALDE

2

Austria ALDE

For (1)

Angelika MLINAR
1

Denmark ALDE

2

Lithuania ALDE

4

Slovenia ALDE

For (1)

Ivo VAJGL
1

Luxembourg ALDE

For (1)

Charles GOERENS
1

Estonia ALDE

3

Ireland ALDE

For (1)

Marian HARKIN
1
icon: ECR ECR
66

Germany ECR

7

Poland ECR

Abstain (1)

Kosma ZŁOTOWSKI
18

United Kingdom ECR

17

Belgium ECR

4

Bulgaria ECR

2

Netherlands ECR

2

Czechia ECR

2

Slovakia ECR

2

Finland ECR

2

Croatia ECR

For (1)

Ruža TOMAŠIĆ
1

Italy ECR

1

Denmark ECR

4

Lithuania ECR

Against (1)

Waldemar TOMASZEWSKI
1

Latvia ECR

For (1)

Roberts ZĪLE
1

ECR

For (1)

Bernd LUCKE
1

Greece ECR

Against (1)

Notis MARIAS
1
icon: Verts/ALE Verts/ALE
44

Germany Verts/ALE

10

France Verts/ALE

6

Spain Verts/ALE

Abstain (1)

Ernest URTASUN
4

United Kingdom Verts/ALE

5

Belgium Verts/ALE

For (1)

Bart STAES
1

Netherlands Verts/ALE

2

Hungary Verts/ALE

2

Sweden Verts/ALE

4

Finland Verts/ALE

For (1)

Heidi HAUTALA
1

Croatia Verts/ALE

For (1)

Davor ŠKRLEC
1

Austria Verts/ALE

3

Denmark Verts/ALE

For (1)

Margrete AUKEN
1

Lithuania Verts/ALE

For (1)

Bronis ROPĖ
1

Slovenia Verts/ALE

For (1)

Igor ŠOLTES
1

Latvia Verts/ALE

1

Luxembourg Verts/ALE

For (1)

Claude TURMES
1
icon: NI NI
9

Germany NI

Against (1)

Udo VOIGT
1

Poland NI

Abstain (1)

Janusz KORWIN-MIKKE
1

France NI

2

United Kingdom NI

For (1)

Diane DODDS
1

Hungary NI

2

Greece NI

2
icon: ENF ENF
33

Poland ENF

2

France ENF

19

Belgium ENF

Abstain (1)

Gerolf ANNEMANS
1

Netherlands ENF

Against (2)

Olaf STUGER, Vicky MAEIJER
2

Austria ENF

Abstain (1)

Barbara KAPPEL
4

Italy ENF

5
icon: EFDD EFDD
42

Poland EFDD

1

France EFDD

Against (1)

Joëlle BERGERON
1

United Kingdom EFDD

20

Czechia EFDD

Against (1)

Petr MACH
1

Sweden EFDD

2

Italy EFDD

17
icon: GUE/NGL GUE/NGL
48

Germany GUE/NGL

8

France GUE/NGL

3

Spain GUE/NGL

10

United Kingdom GUE/NGL

Against (1)

Martina ANDERSON
1

Netherlands GUE/NGL

3

Czechia GUE/NGL

3

Portugal GUE/NGL

4

Sweden GUE/NGL

Against (1)

Malin BJÖRK
1

Finland GUE/NGL

Against (1)

Merja KYLLÖNEN
1

Italy GUE/NGL

3

Denmark GUE/NGL

Against (1)

Rina Ronja KARI
1

Ireland GUE/NGL

4

Cyprus GUE/NGL

Against (1)

Neoklis SYLIKIOTIS
1

Greece GUE/NGL

5

History

(these mark the time of scraping, not the official date of the change)

2021-12-18Show (5) Changes | Timetravel
docs/1/docs/0/url
Old
http://www.europarl.europa.eu/doceo/document/B-8-2015-0655_EN.html
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summary
2020-01-19Show (4) Changes | Timetravel
committees/0/date
    docs/1/docs/0/url
    Old
    http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2015-0655&language=EN
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    New
    http://www.europarl.europa.eu/doceo/document/TA-8-2015-0268_EN.html
    2019-07-06Show (14) Changes | Timetravel
    activities
    • body: CSL meeting_id: 3399 council: Economic and Financial Affairs ECOFIN date: 2015-06-19T00:00:00 type: Council Meeting
    • date: 2015-07-06T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20150706&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
    • date: 2015-07-09T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2015-0268 type: Decision by Parliament, 1st reading/single reading title: T8-0268/2015 body: EP type: Decision by Parliament, 1st reading/single reading
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    • date: 2015-07-01T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2015-0655&language=EN title: B8-0655/2015 type: Motion for a resolution body: EP
    • date: 2015-11-05T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE557.118 title: PE557.118 type: Amendments tabled in committee body: EP
    • date: 2015-12-01T00:00:00 docs: url: /oeil/spdoc.do?i=25967&j=0&l=en title: SP(2015)575 type: Commission response to text adopted in plenary
    events
    • date: 2015-06-19T00:00:00 type: Resolution/conclusions adopted by Council body: CSL summary: The Council adopted conclusions on the development of a capital markets union in the EU. The Council recognised that although EU capital markets have expanded over recent decades, they remain fragmented and less developed as compared to those in some other comparable jurisdictions, in particular in certain market segments crucial for jobs and growth such as securitisation and venture capital. Consequently, it considered that more developed and more integrated capital markets could unlock investment for companies and infrastructure projects, attract foreign investment, contribute to growth and job creation and make the financial system more efficient, robust and resilient to shocks. The Council welcomed the Commission’s initiative of building a Capital Markets Union (CMU) and the wide range of issues being considered in this context. It insisted on the following issues: the need to broaden and diversify sources of financing for European companies, especially SMEs, bearing in mind the need to create effective conditions for healthy competition between banks and non-banks in the European financial system; the need to strengthen the equity culture in the EU and to encourage long-term investment in companies, rather than rely excessively on debt; the importance of focusing on improving bank financing as well as on developing non-bank financing opportunities for all SMEs from smaller or larger financial markets; the importance of increasing retail investment and ensuring robust investor and consumer protection; the need to consider approaches enhancing access to intermediated financing for companies as a necessary complement to the CMU; the principles of subsidiarity and proportionality should be respected in any future related initiative and that financial market stability should not be put at risk; the CMU should encompass all 28 Member States , while taking account of the various degrees of development of capital markets and their different levels of size and integration; the process of promoting ESG (Environment, Social and Governance) investment; the important catalysing role of the new European Fund for Strategic Investments ( EFSI ) and of the European Long-Term Investment Funds ( ELTIFs ) should be stressed; the need to address barriers to the free movement of capital to ensure that Europe’s capital markets can compete on a fair basis with other economic areas. Short-term priorities for action : recognising that securitisation can provide an effective mechanism to transfer risk from bank lenders to non-bank operators, the Council called on the Commission to propose a framework for simple, transparent and standardised securitisation , building on the numerous ongoing initiatives at European and international levels, as a matter of priority at the latest by the end of 2015 , including: a clear overarching definition of such securitisations, ensuring consistency of the common key aspects across different sectoral legislations; a sound mechanism for verifying qualifying securitisations, and areas where these deserve a preferential treatment, as well as an appropriate calibration thereof. The Council also: stressed the need to enhance and streamline access to credit information while keeping the provision of data on a voluntary basis where justified for certain SMEs, and minimising the burdens on SMEs in the EU; confirmed the need to simplify and streamline the process for preparing and, where appropriate, approving the prospectus , ensuring an appropriate balance between achieving adequate investor protection and confidence and minimising the burden on businesses. Medium to long-term action : achieving a CMU will require a broad range of initiatives aimed at stimulating and matching the supply-side and the demand-side of finance. The Council proposed that an ambitious approach is needed, requiring work to be started immediately . In order to ensure cross-sectorial consistency, work to prepare the CMU should carefully evaluate the cumulative effect of legislative changes since the financial crisis and assess the need for proportionate measures to: enhance liquidity and market making, especially on asset classes where liquidity has recently diminished; and, improve cross-border investment in corporate debt and equity securities; increase investment capacity in the Union, where necessary through appropriate adjustments of the prudential framework for key finance providers, such as insurance companies, while taking due account of financial stability considerations; remove barriers to marketing and growth of investment funds and their operation cross border, in recognition that such funds are a significant source of finance in the EU. The Council also stressed the importance of: improving 'financial ecosystems' throughout the Union, in particular through promoting entrepreneurship, improving corporate governance practices, diversifying the sources of financing and enhancing financial literacy; a fully functioning CMU which should rely on an efficient, effective and stable investment chain supported by robust market infrastructures and foster a well-functioning cross border flow of collateral; a long-term structural policy agenda which should go beyond initiatives in the field of financial services and that building an effective CMU will also require further analysis of possible barriers in related areas such as insolvency, securities and company law; enhancing supervisory convergence and ensuring coherent application of financial regulation across the Union; strengthening the macro-prudential toolkit beyond banking, and specifically into the areas of investment, securities and shadow banking. Lastly, the Commission is invited to consider the full range of possible actions, taking into account the outcome of its consultation process, and to elaborate by September 2015 a comprehensive, targeted and ambitious action plan for building the CMU.
    • date: 2015-07-06T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20150706&type=CRE title: Debate in Parliament
    • date: 2015-07-09T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=25967&l=en title: Results of vote in Parliament
    • date: 2015-07-09T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2015-0268 title: T8-0268/2015 summary: The European Parliament adopted by 552 votes to 111 with 32 abstentions, a resolution tabled by the Committee on Economic and Monetary Affairs, on Building a Capital Markets Union (CMU). A genuine European approach : Parliament wanted to see a genuine European approach to capital markets. This approach might draw on the experiences from other parts of the world (e.g. the United States) and should duly take into account international developments so that Europe remained attractive for international investors. The Commission was asked to establish a European approach to strengthen the diversification of funding sources and investments in European businesses. A CMU should build upon the characteristics and interdependence of the European banking and capital markets landscape. It should bear in mind the specificities of the European model for financing of businesses, and the need to develop reliable non-bank sources of finance for growth and to complement these with ways for market participants to raise debt, equity and venture capital directly from the market. Members stressed, however, that a level playing field among participants must be ensured for similar financing activities and that the key aim for all sectors must be to improve capital allocation across the European economy and make better use of capital stocks that remain idle today. Parliament recommended the following action: analyse in depth, on a country-by-country basis, the current situation in the capital markets, to assess in a comprehensive economic analysis where and to what extent EU-wide impediments to investment via capital markets existed, and to indicate by which means, these impediments may be removed identify cross-border risks in financial and capital markets in the EU caused by institutional, legal and regulatory differences between Member States, and address them with effective measures in order to streamline cross-border capital flows and reduce the existing home bias among investors; promote the financial education of both investors and companies as users of capital markets, and enhance the availability of EU data; investigate ways to reduce the information asymmetries in the capital markets for SMEs, looking into the market for credit rating agencies and the barriers for new entrants to this market; integrate initiatives on capital markets with other policy agendas, such as the development of a digital single market and ongoing reforms in the field of company law and corporate governance. Building blocks of a Capital Markets Union: Parliament took the view that the CMU should follow a step-by-step approach and that the priorities of the CMU should be threefold: incentivise the most efficient allocation of savings by deepening and diversifying the sources of finance available to businesses and to offer more investment choices, greater transparency and portfolio diversification to savers and investors; enable greater risk mitigation by creating deeper cross-border markets, enhancing the financial system’s resilience against the adverse effects of severe financial crises and smoothing out the impact of idiosyncratic shocks; ensure that there is an effective complementary channel to finance the real economy. The resolution stressed the following points: where needed, come forward with proposals to review the current legislation, notably regarding credit rating agencies and audit firms , in order to increase and complete investor protection; eliminate existing barriers to cross-border financing , especially for SMEs, in order to foster the benefits of the CMU for businesses of all sizes in all geographical areas; focus on ensuring that capital markets provide companies with better access to capital and investors with diverse, transparent, affordable saving opportunities; enhance end-user awareness in the chain of intermediation between savers and investments and its cost structure, enhance investor protection, and investigate access to bank lending for SMEs across the Union; foster an environment where more household and corporate savings flow to vehicles that will invest in capital markets, and where investors are encouraged to allocate capital across the borders of Member States; adequate safeguards, especially for households, should be put in place; strengthen the common framework for ensuring comparability and transparency among the different financial instruments; create an appropriate regulatory environment that enhances cross-border access to information on the companies looking for credit, quasi-equity and equity structures, in order to promote growth of non-bank financing models, including crowdfunding and peer-to-peer lending. Bringing the capital markets closer to SMEs : the difficulty of obtaining bank credit for SMEs meant alternatives to bank financing were needed, in particular by improving the business environment for venture capital, peer-to-peer funds, private placement, SME loan securitisation and promotion of credit unions, and also through standardising the rules concerning public-private partnerships (PPPs) throughout the EU. Parliament underlined that a positive environment for successful SME financing included the need for SME-friendly economic and regulatory conditions, both at EU and national level. It drew attention to a possible simplification of procedures for the access to IPOs by SMEs and mid-cap companies, while ensuring that firm criteria to assess the resilience and eligibility of businesses for an IPO remained. Parliament called on the Commission to look at what more can be done to help SMEs to attract investment. Creating a coherent EU regulatory environment for capital markets : Members called on the Commission and Member States to review the over-burdensome regulation for equity financing of private companies. Furthermore, aware that the heterogeneity of insolvency rules, Parliament noted the Commission’s suggestion of addressing cross-border insolvency to the extent necessary for achieving a well-functioning CMU. It called for the establishment of a recovery and resolution framework for non-banks, in particular central counterparties (CCPs). It recalled the role of payments systems and securities settlements for the securitisation market and called for a European market infrastructure to be established for this purpose. It also encouraged the Commission to increase the comparability and quality of financial information. The Commission was asked to speed up its work on the action plan for a CMU and put forward legislative and non-legislative proposals as soon as possible to achieve the objective of a fully integrated single EU capital market by the end of 2018 .
    • date: 2015-07-09T00:00:00 type: End of procedure in Parliament body: EP
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    2015-11-04Show (2) Changes | Timetravel
    activities/0/text

    • The Council adopted conclusions on the development of a capital markets union in the EU.

      The Council recognised that although EU capital markets have expanded over recent decades, they remain fragmented and less developed as compared to those in some other comparable jurisdictions, in particular in certain market segments crucial for jobs and growth such as securitisation and venture capital.

      Consequently, it considered that more developed and more integrated capital markets could unlock investment for companies and infrastructure projects, attract foreign investment, contribute to growth and job creation and make the financial system more efficient, robust and resilient to shocks.

      The Council welcomed the Commission’s initiative of building a Capital Markets Union (CMU) and the wide range of issues being considered in this context. It insisted on the following issues:

      • the need to broaden and diversify sources of financing for European companies, especially SMEs, bearing in mind the need to create effective conditions for healthy competition between banks and non-banks in the European financial system;
      • the need to strengthen the equity culture in the EU and to encourage long-term investment in companies, rather than rely excessively on debt;
      • the importance of focusing on improving bank financing as well as on developing non-bank financing opportunities for all SMEs from smaller or larger financial markets;
      • the importance of increasing retail investment and ensuring robust investor and consumer protection;
      • the need to consider approaches enhancing access to intermediated financing for companies as a necessary complement to the CMU;
      • the principles of subsidiarity and proportionality should be respected in any future related initiative and that financial market stability should not be put at risk;
      • the CMU should encompass all 28 Member States, while taking account of the various degrees of development of capital markets and their different levels of size and integration;
      • the process of promoting ESG (Environment, Social and Governance) investment;
      • the important catalysing role of the new European Fund for Strategic Investments (EFSI) and of the European Long-Term Investment Funds (ELTIFs) should be stressed;
      • the need to address barriers to the free movement of capital to ensure that Europe’s capital markets can compete on a fair basis with other economic areas.

      Short-term priorities for action: recognising that securitisation can provide an effective mechanism to transfer risk from bank lenders to non-bank operators, the Council called on the Commission to propose a framework for simple, transparent and standardised securitisation, building on the numerous ongoing initiatives at European and international levels, as a matter of priority at the latest by the end of 2015, including:

      • a clear overarching definition of such securitisations, ensuring consistency of the common key aspects across different sectoral legislations;
      • a sound mechanism for verifying qualifying securitisations, and areas where these deserve a preferential treatment, as well as an appropriate calibration thereof.

      The Council also:

      • stressed the need to enhance and streamline access to credit information while keeping the provision of data on a voluntary basis where justified for certain SMEs, and minimising the burdens on SMEs in the EU;
      • confirmed the need to simplify and streamline the process for preparing and, where appropriate, approving the prospectus, ensuring an appropriate balance between achieving adequate investor protection and confidence and minimising the burden on businesses.

      Medium to long-term action: achieving a CMU will require a broad range of initiatives aimed at stimulating and matching the supply-side and the demand-side of finance.

      The Council proposed that an ambitious approach is needed, requiring work to be started immediately. In order to ensure cross-sectorial consistency, work to prepare the CMU should carefully evaluate the cumulative effect of legislative changes since the financial crisis and assess the need for proportionate measures to: 

      • enhance liquidity and market making, especially on asset classes where liquidity has recently diminished; and,
      • improve cross-border investment in corporate debt and equity securities;
      • increase investment capacity in the Union, where necessary through appropriate adjustments of the prudential framework for key finance providers, such as insurance companies, while taking due account of financial stability considerations;
      • remove barriers to marketing and growth of investment funds and their operation cross border, in recognition that such funds are a significant source of finance in the EU.

      The Council also stressed the importance of:

      • improving 'financial ecosystems' throughout the Union, in particular through promoting entrepreneurship, improving corporate governance practices, diversifying the sources of financing and enhancing financial literacy;
      • a fully functioning CMU which should rely on an efficient, effective and stable investment chain supported by robust market infrastructures and foster a well-functioning cross border flow of collateral;
      • a long-term structural policy agenda which should go beyond initiatives in the field of financial services and that building an effective CMU will also require further analysis of possible barriers in related areas such as insolvency, securities and company law;
      • enhancing supervisory convergence and ensuring coherent application of financial regulation across the Union;
      • strengthening the macro-prudential toolkit beyond banking, and specifically into the areas of investment, securities and shadow banking.

      Lastly, the Commission is invited to consider the full range of possible actions, taking into account the outcome of its consultation process, and to elaborate by September 2015 a comprehensive, targeted and ambitious action plan for building the CMU.
    activities/2/docs/0/text

    • The European Parliament adopted by 552 votes to 111 with 32 abstentions, a resolution tabled by the Committee on Economic and Monetary Affairs, on Building a Capital Markets Union (CMU).

      A genuine European approach: Parliament wanted to see a genuine European approach to capital markets.  This approach might draw on the experiences from other parts of the world (e.g. the United States) and should duly take into account international developments so that Europe remained attractive for international investors.

      The Commission was asked to establish a European approach to strengthen the diversification of funding sources and investments in European businesses. A CMU should build upon the characteristics and interdependence of the European banking and capital markets landscape. It should bear in mind the specificities of the European model for financing of businesses, and the need to develop reliable non-bank sources of finance for growth and to complement these with ways for market participants to raise debt, equity and venture capital directly from the market.

      Members stressed, however, that a level playing field among participants must be ensured for similar financing activities and that the key aim for all sectors must be to improve capital allocation across the European economy and make better use of capital stocks that remain idle today.

      Parliament recommended the following action:

      • analyse in depth, on a country-by-country basis, the current situation in the capital markets, to assess in a comprehensive economic analysis where and to what extent EU-wide impediments to investment via capital markets existed, and to indicate by which means, these impediments may be removed
      • identify cross-border risks in financial and capital markets in the EU caused by institutional, legal and regulatory differences between Member States, and address them with effective measures in order to streamline cross-border capital flows and reduce the existing home bias among investors;
      • promote the financial education of both investors and companies as users of capital markets, and enhance the availability of EU data;
      • investigate ways to reduce the information asymmetries in the capital markets for SMEs, looking into the market for credit rating agencies and the barriers for new entrants to this market;
      • integrate initiatives on capital markets with other policy agendas, such as the development of a digital single market and ongoing reforms in the field of company law and corporate governance.

      Building blocks of a Capital Markets Union: Parliament took the view that the CMU should follow a step-by-step approach and that the priorities of the CMU should be threefold:

      • incentivise the most efficient allocation of savings by deepening and diversifying the sources of finance available to businesses and to offer more investment choices, greater transparency and portfolio diversification to savers and investors;
      • enable greater risk mitigation by creating deeper cross-border markets, enhancing the financial system’s resilience against the adverse effects of severe financial crises and smoothing out the impact of idiosyncratic shocks;
      • ensure that there is an effective complementary channel to finance the real economy.

      The resolution stressed the following points:

      • where needed, come forward with proposals to review the current legislation, notably regarding credit rating agencies and audit firms, in order to increase and complete investor protection;
      • eliminate existing barriers to cross-border financing, especially for SMEs, in order to foster the benefits of the CMU for businesses of all sizes in all geographical areas;
      • focus on ensuring that capital markets provide companies with better access to capital and investors with diverse, transparent, affordable saving opportunities;
      • enhance end-user awareness in the chain of intermediation between savers and investments and its cost structure, enhance investor protection, and investigate access to bank lending for SMEs across the Union;
      • foster an environment where more household and corporate savings flow to vehicles that will invest in capital markets, and where investors are encouraged to allocate capital across the borders of Member States; adequate safeguards, especially for households, should be put in place;
      • strengthen the common framework for ensuring comparability and transparency among the different financial instruments;
      • create an appropriate regulatory environment that enhances cross-border access to information on the companies looking for credit, quasi-equity and equity structures, in order to promote growth of non-bank financing models, including crowdfunding and peer-to-peer lending.

      Bringing the capital markets closer to SMEs: the difficulty of obtaining bank credit for SMEs meant alternatives to bank financing were needed, in particular by improving the business environment for venture capital, peer-to-peer funds, private placement, SME loan securitisation and promotion of credit unions, and also through standardising the rules concerning public-private partnerships (PPPs) throughout the EU.

      Parliament underlined that a positive environment for successful SME financing included the need for SME-friendly economic and regulatory conditions, both at EU and national level. It drew attention to a possible simplification of procedures for the access to IPOs by SMEs and mid-cap companies, while ensuring that firm criteria to assess the resilience and eligibility of businesses for an IPO remained. Parliament called on the Commission to look at what more can be done to help SMEs to attract investment.

      Creating a coherent EU regulatory environment for capital markets: Members called on the Commission and Member States to review the over-burdensome regulation for equity financing of private companies.

      Furthermore, aware that the heterogeneity of insolvency rules, Parliament noted the Commission’s suggestion of addressing cross-border insolvency to the extent necessary for achieving a well-functioning CMU. It called for the establishment of a recovery and resolution framework for non-banks, in particular central counterparties (CCPs).

      It recalled the role of payments systems and securities settlements for the securitisation market and called for a European market infrastructure to be established for this purpose. It also encouraged the Commission to increase the comparability and quality of financial information.

      The Commission was asked to speed up its work on the action plan for a CMU and put forward legislative and non-legislative proposals as soon as possible to achieve the objective of a fully integrated single EU capital market by the end of 2018.
    2015-07-14Show (3) Changes | Timetravel
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    2015-05-05Show (5) Changes
    activities
    • date: 2015-05-18T00:00:00 body: EP type: Debate in plenary scheduled
    • date: 2015-05-19T00:00:00 body: EP type: Vote in plenary scheduled
    committees
    • body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
    links
    other
      procedure
      dossier_of_the_committee
      ECON/8/03120
      reference
      2015/2634(RSP)
      title
      Building a capital markets union
      legal_basis
      Rules of Procedure of the European Parliament EP 128-p5
      stage_reached
      Awaiting Parliament 1st reading / single reading / budget 1st stage
      subtype
      Debate or resolution on oral questions
      type
      RSP - Resolutions on topical subjects
      subject
      2.50 Free movement of capital
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