The Capital Markets Union (CMU) is a long-term and ambitious policy initiative of the European Union, which was officially launched in September 2015 with the adoption of an Action Plan by the Commission. Its strategic goal is to create a more diversified and integrated financial system by strengthening the capital markets in all Member States while deepening the level of their integration. In turn, this is expected to improve access to finance for businesses, provide more risk diversification opportunities for investors and contribute to the EU’s efforts to enhance economic growth and financial stability.
Putting a fully-fledged CMU into place is not an easy task though. Rather, it requires several legislative and non-legislative measures which should collectively remove existing barriers to the efficient functioning and integration of EU capital markets. Among these actions, this thesis focuses on those legal interventions which aim to modernise the rules that govern the functioning of European primary markets as well as the activities that take place within them. These include, in particular, the introduction of a new, harmonised and highly sophisticated prospectus regime, as well as the creation of a pan-European regulatory framework on crowdfunding. Given that these measures are at the heart of the efforts to complete the CMU, the question arises as to whether and to what extent they are well-placed to achieve that.
The Zoom link will be sent upon registration by Friday, 10 December.