RSS
OverviewEU Directives under the responsibility of the Internal Market DG ensure the development of a single securities market for both new issues and trading of securities. They regulate the initial and on-going conditions for service providers (investment firms), establish requirements for the issuance of securities (both as regards public offers of securities and requirements for securities to be listed on a stock exchange) and co-ordinate the conditions applicable to investment funds. The conditions for the setting-up of investment firms and their on-going business are similar to those for banks, and provide for a level playing field between non-bank investment firms and banks providing investment services. The legislation on issuance of securities lays down minimum requirements for the information that must be disclosed to the public and facilitates cross-border issuance of securities. The legislation on investment funds (UCITS) facilitates the distribution of units of such funds across the Community. Study on the "quantification of the macro-economic impact of integration of EU financial markets" (London Economics)The study is the first substantive piece of empirical research on the impact of financial integration on the cost of share trading in Europe. It evaluates the impact of integrating EU equity and corporate bond markets on trading costs and the cost of capital. To the extent that a cost of capital impact could be discerned, it quantifies the consequent impact on investment, GDP and employment. This research highlights the powerful role that efficient and liquid financial markets can play in complementing bank-based finance to support growth and employment in Europe.
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