European Commission publishes measures in relation to CMU

The European Commission adopted a package of measures to ensure that investors have better access to company and trading data. The International Securities Lending Association (ISLA) said in a statement that the measures aim to improve the European capital markets and aid economic recovery from COVID-19, as well as facilitate the transition to a digital and green economy.

The package includes updates to:

  • Markets in Financial Instruments Directive (MiFID)
  • Alternative Investment Fund Managers Directive (AIFMD)
  • European Long Term Investment Fund (ELTIF)
  • European Single Access Point (ESAP)

The Alternative Investment Management Association (AIMA) and Alternative Credit Council (ACC) said in a statement that proposals on market data transparency and the new European Single Access Point (ESAP) will increase market transparency and efficiency which is crucial to attracting more investment. 

The associations also noted that AIFMD is a well-functioning regime and as such should be changed only where absolutely required in order to preserve stability and certainty. “While there are some issues of concern in the AIFMD review, the overall package signals EU’s commitment to furthering market-based finance in the European Economy,” the associations wrote in an emailed statement.  

Jack Inglis, the CEO of AIMA, said in a statement: “Today’s package has some solid elements in it. The ELTIF proposal has significant improvements to the existing regime and could really open up the market to new sources of capital. Similarly, the proposals for the creation of a consolidated tape in the EU are long overdue. And while we remain concerned about parts of the AIFMD proposals regarding loan funds and investor access to third country expertise, we hope to work with the lawmakers to make those workable for the industry and its investors.”

Access the full EC legislative proposals

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