2017年-ECB欧洲央行_ECB_contribution_to_the_European_Commissions_consultation_on_Capital_Markets_Union_mid-term_review_2017_20页_251kb

ECB Contribution to the Capital Markets Union (CMU) Mid-Term Review 2017

Core Content

The European Central Bank (ECB) has consistently supported the Capital Markets Union (CMU) project since its inception, recognizing its importance for enhancing financial integration and monetary policy transmission in the euro area. A well-functioning, diversified, and integrated capital market is crucial for the ECB, as it contributes to a more resilient financial system and supports broader economic growth.

Main Views and Key Information

Importance of CMU

• Diversification of Funding Sources: CMU helps non-financial corporations access a wider range of funding sources, reducing reliance on bank financing and enhancing the transmission of monetary policy.
• Risk Sharing and Consumption Growth: Cross-border equity financing and asset ownership can serve as a mechanism for risk sharing and support consumption growth.
• Resilience of Financial Integration: FDI and long-term debt contribute to a more resilient financial integration, which is vital for the euro area.

Support for Commission's Action Plan

• The ECB supports initiatives such as the Simple, Transparent, and Standardised (STS) securitisation, financial market infrastructure integration, and reducing the debt-equity bias in tax systems.
• It emphasizes the need for a longer-term vision and sustained efforts to create a true single market in capital markets, where all participants face the same rules and have equal access.

Need for Regulatory Convergence

• Harmonisation of Legal Frameworks: There is a need to harmonise insolvency frameworks, taxation, and company law to remove cross-border barriers.
• Faster and Cheaper Debt Recovery: The ECB advocates for faster and more cost-effective debt recovery procedures, including the promotion of out-of-court settlement regimes at the EU level.
• Supervisory Architecture: A stronger single market supervision is required, with ESMA playing a more central role in rule transposition and enforcement. The ECB is prepared to provide detailed reflections on the future supervisory structure.

Fintech and Innovation

• Fintech Opportunities: Fintech, especially marketplace lending, offers new credit channels for SMEs and start-ups. However, it also presents risks that require appropriate regulation.
• Regulatory Challenges: Due to the heterogeneity of fintech business models, a tailored regulatory approach is needed, encompassing prudential, consumer protection, and other regulations.
• Cross-Border Integration: Heterogeneous national regulations hinder cross-border expansion and investment, and the ECB supports a more harmonised approach.

Private Placement Markets

• Fragmentation and Standardisation: The private placement market remains fragmented with different national models (e.g., Schuldschein, Euro PP, UK PP).
• EU-Wide Regime: The ECB supports the development of an EU-wide private placement regime based on best practices, which could reduce due diligence requirements and promote standardisation.
• Prudential Considerations: Such a regime would also enhance investor confidence and ensure that investments are made by those best able to withstand risks.

Public Market Access

• ISIN and LEI: Mandatory use of ISIN and LEI across the EU will improve transparency, integration, and efficiency in capital markets.
• Digitalisation: The Prospectus Regulation's move towards machine-readable data is a significant step towards digitalisation and standardisation of financial information.

Pension Investments

• Potential for Equity Growth: Pension systems could play a key role in boosting equity investment, especially in non-traded equity.
• Incentives for Cross-Border Investment: Countries with low equity investment rates may need to introduce incentives to encourage more cross-border equity investments, which are crucial for CMU.

Long-Term Infrastructure and Sustainable Investment

• Investment-Friendly Environment: The ECB highlights the need for a structured regulatory environment to promote long-term and sustainable investment.
• EU Investment Plan: CMU should be integrated with the third pillar of the EU Investment Plan, which focuses on reducing administrative burdens and improving the business environment.
• Solvency II Review: The ECB supports further changes to Solvency II to facilitate infrastructure investments by insurers, including the development of qualifying criteria for unrated bonds and unlisted equity.

Retail Investment and Innovation

• DLT and Financial Innovation: The ECB acknowledges the importance of distributed ledger technologies (DLTs) in enabling safer, faster, and cheaper financial transactions.
• Legal and Technical Considerations: The adoption of DLTs requires legal clarification, especially regarding the nature of virtual currencies, digital assets, and the implications for existing financial systems.
• Interoperability Standards: The ECB encourages the development of interoperability standards to ensure that new market infrastructures can integrate with traditional systems.

Conclusion

The ECB sees CMU as a vital project for the euro area, requiring continued ambition, regulatory convergence, and innovation. It supports the Commission's Action Plan and highlights the need for further action in key areas such as start-up financing, fintech regulation, private placement standardisation, and pension investment reforms. The ECB also underscores the importance of a resilient banking sector and a harmonised supervisory framework in supporting the long-term success of CMU.