Latest publications and news


Capital Markets Union (CMU)

Posted on March 18, 2016

The Nordic Securities Association (NSA) supports the Commission’s plan to build a European Capital Markets Union (CMU). The Action Plan published in September 2015 reveals an ambitious plan with several important ideas; SMEs’ access to capital markets financing is eased, and barriers hampering cross-border investments within EU will be removed. These actions are necessary in order to strengthen Europe’s economy, stimulate growth, and create jobs.

CMU – an impact assessment (call for evidence and Better Regulation)

Posted on March 18, 2016

On 30 September 2015, the Commission requested input from the financial sector on the overall financial legislation under the title “Call for evidence: EU regulatory framework for financial services”. This consultation is part of the CMU Action Plan.

The consultation is closely related to the Better Regulation agenda published by the Commission on May 19th 2015. Although not a part of the CMU, the Better Regulation agenda ultimately seeks to promote growth and jobs in Europe. On December 15th 2015, the Commission endorsed a draft Inter-Institutional Agreement (IIA) on better law-making with the Council and the European Parliament. The IIA is currently awaiting final approval.

Proposal for a Regulation to revise the European Prospectus regime

Posted on February 19, 2016

The Commission proposal for a Prospectus Regulation is one of the key initiatives in the Capital Markets Union (CMU) action plan. The goal of the CMU is to widen the sources of financing to European companies and to reduce the costs related to raising capital. The NSA supports the CMU project and welcomes the Prospectus review.

Read the NSA comments here.

Concerns about Market Abuse Level 2 Regulation

Posted on January 11, 2016

The Nordic Securities Associations have examined ESMA's Final Report regarding draft technical standards on the Market Abuse Regulation.
The review gives rise to at number of concerns from an industry perspective as described below, and therefore we encourage the European Commission to take specific actions.

Position on the ESMA Technical Advice on MiFID II and MiFIR

Posted on April 07, 2015

The NSA welcomes ESMA's Final Technical Advice on MiFID II and MiFIR. The Position Paper highlights key issues for Nordic securities markets. The paper advocates a careful calibration of equity markets transparency requirements and need to dismantle market data monopolies. Some technical details have wider macro-economic impact on SME financing. In this respect the NSA is concerned about unintended consequences of regulatory treatment of financial research. Nordic market also recommends regulators to create clear and unambiguous on safeguarding of client assets.