In the paper, the Commission said it would be: making it easier for firms to raise funding and reach investors cross border; working with the European asset management industry to put into place a pan-European private placement regime to encourage direct investment into smaller businesses; and supporting the take up on new European long-term investment funds to channel investment into infrastructure and other long-term projects.
The Wealth Management Association (WMA) said that retail investors must lie at the heart of the Union, and that retail investors and intermediaries must be allowed to choose appropriate products for retail investment, through appropriate routes to market.
It added that the Union must appropriately differentiate between different financial sectors, markets, and member state practices.
Liz Field, chief executive of the WMA, which represents over 180 wealth management firms and associate members, said: “The WMA welcomes the CMU initiative from the commission and we believe that is an excellent opportunity to utilize the millions of European retail investors in order to promote the jobs and growth agenda.
“The WMA calls upon the Commission to carry out an EU-wide survey of retail financial business, highlight best practice and publicise these strengths to improve retail access to capital markets and break down the barriers to retail investment.”
