Final report on the CMU - capital markets union

Capital Markets Union: European Commission’s High-Level Forum presents its final report

ABBL Published 12.06.2020

On 10th June 2020, the European Commission’s High-Level Forum (HLF) presented its final report on capital markets union (CMU).

The HLF forum set up by the European Commission last November is composed of industry and users experts and academics. It has a mandate to propose targeted policy recommendations for future CMU actions, to ensure that citizens and businesses can access capital markets across the EU on equal terms and irrespective of their geographical location.


The HLF has decided to focus on what the EU needs to implement urgently to tackle the most serious barriers in its capital markets.

It has made very granular recommendations on four areas of work:

  • The financing of business,
  • Market infrastructure,
  • Individual investors’ engagement,
  • Obstacles to cross-border investment.


Out of the 17 recommendations made, the ABBL would like to highlight two recommendations mirroring our suggestions on the next steps for the CMU, and also priorities of the Markets 4 Europe campaign developed by the EBF.

Namely, the recommendations on:

  • Securitisation, calling for the simplification of the process for significant risk transfer assessments and adjustment of prudential treatment of securitisation for banks.
  • Withholding tax, calling for a legislative proposal to harmonise tax definitions, processes, forms and put forward a proposal to introduce a standardised system for withholding tax relief at source.

Next step

The European Commission intends to consult on this report and reflect on it. The Commission will then present an action plan in September.


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