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CMU post-Brexit: status quo, refocus or redesign?

Day 2 Morning

Thursday 04 April

Room :

Grand Ballroom - Roundtable


Steven Maijoor
Chair, ESMA
Public Authorities
Sebastián Albella Amigo
Chairman, CNMV
Florin Georgescu
First Deputy Governor, National Bank of Romania
Olivier Guersent
Director General, DG FISMA, European Commission
Sébastien Raspiller
Assistant Secretary, Ministry of Economy and Finance, France
Joachim Wuermeling
Member of the Executive Board, Deutsche Bundesbank
Rimantas Šadžius
Member, European Court of Auditors
Industry Representatives
Thomas Book
Member of the Executive Board, Deutsche Börse AG
Martine Doyon
Managing Director, Head of Government Affairs EMEA, Goldman Sachs International
Stefan Gavell
Global Head of Regulatory, Industry & Government Affairs, State Street Corporation
Xavier Larnaudie-Eiffel
Deputy Chief Executive Officer, CNP Assurances

Objectives of the session

This session will discuss the main objectives of the Capital Markets Union (CMU) going forward and the challenges that remain to be addressed, given the progress that has been made so far. It will also assess whether the current CMU action plan should be maintained or whether it needs amending or changing more radically (e.g. refocusing the initiative on some key objectives or redesigning it with a different perspective). The importance of further supervisory cooperation and convergence at the EU level for supporting the CMU and how this may be achieved will also be discussed.

Points of discussion

What are the main achievements of the CMU initiative so far? What are the main challenges the CMU is facing at present and going forward?

How should the incoming Commission approach the future steps of the CMU initiative? Do the objectives of the CMU and the related action plan need reviewing and if so, in what way and to what extent? How may Brexit affect the CMU initiative, given the latest developments?

How important is stronger supervisory cooperation and convergence at the EU level for the CMU project? What are the main areas where improvement may be needed? Are significant changes necessary in the functioning of the ESAs, and ESMA, in particular to support the implementation of the CMU?