The Bundesrat

COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS Action Plan on Building a Capital Markets Union

Scrutiny details

 
Scrutiny Information

Scrutiny date: 27/11/2015

Subsidiarity Concern:

No Important information to exchange

No Veto

Information on parliamentary scrutiny


Referred to Committees on:


European Union Questions
Finance
Legal Affairs

Economic Affairs'








Lisbon Treaty procedures
 
  Political Dialogue

27/11/2015 | Scrutiny results - COM20150468

As to the action plan on building a Capital Markets Union (CMU), the Bundesrat shares the Commission's perception that existing obstacles need to be identified and subsequently eliminated. Therefore, it welcomes in principle the announced planning on building of a CMU. However, it judges incentives for small and private investors to invest more into the capital market potentially harmful: Incentives to invest in risk-full investments could lead to increased economic loss, especially for small investors. Therefore, the Bundesrat urges for a high level of protection for small investors being one of the main goals of the CMU, besides mobilising capitals in Europe.


The Bundesrat agrees with the Commission, that financing tools for start-ups need to be more developed. The announced study on fiscal incentives for risk-capital and business angels should in its view be presented shortly.

Agreeing with the Commission that European public stock and share markets are not sufficiently developed, the Bundesrat is of the view that prospectus on financial products must not create unnecessary obstacles for accessing these markets. However, as prospectuses on financing products are often an important source of information for investors and especially for consumers, the Bundesrat calls to keep in mind the consumer protection aspect when it comes to the intended review of the prospectus-directive (directive 2003/71/EC). In the interest of an effective consumer protection, the Bundesrat calls also for a limit of aggressive advertising for investment products and advocates to maintain the planning for a high level of general financial education of consumers, as foreseen in the green paper on building a CPM (COM(2015) 63).


Contact points for EU matters

IPEX Correspondents:
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