EUU, Alm.del - 2016-17 - Bilag 556: Notat om dansk høringssvar på Kommissionens høring om midtvejsevaluering af Kapitalmarkedsunionen

Europaudvalget 2016-17
EUU Alm.del Bilag 556
Offentligt

MINISTER FOR INDUSTRY,

BUSINESS AND FINANCIAL

AFFAIRS

For the attention of the European Commission

–

Financial Stability,

Financial Services and Capital Markets Union

Thank you for the

opportunity to respond to the Commission’s Consulta-

tion Document concerning the Capital Markets Union Mid-term review

2017.

In general, we continue to support the further development of the Capital

Markets Union and the initiatives aimed at opening up a wider range of

funding sources for businesses, as well as generating further investment

opportunities for investors through EU capital markets. This will help

promote economic growth and job creation.

I wish to stress that when drafting new proposals or initiatives, the bene-

fits thereof should take into consideration an assessment of the interaction

(both positive and negative) between different areas of regulation and

minimize regulatory burdens. It is important that new initiatives have

clear added value and contributes positively to ensure growth and jobs

and take into account the objectives in the better regulation agenda.

I therefore look forward to further follow-up on the Call for evidence on

the cumulative impact of the financial reforms. It is important that the

results of the extensive work of analysis carried out in this context are

applied appropriately when drafting future legislative proposals and I

support the Commissions commitment to ensure this.

As for a possible EU-wide framework for covered bonds, we continue to

support building it on a high quality covered bonds frameworks. I would

stress that it is vital to safeguard well-functioning covered bond markets

and business models, including specialised mortgage credit institutions. In

order to ensure this, a common framework should build on current cov-

ered bond structures and not seek to include new classes of covered

bonds. In addition, prudential measures should build on historically ob-

served risks.

For further comments on the specific measures set out in the Consultation

Paper, please see the attached annex.

MINISTRY OF INDUSTRY,

BUSINESS AND FINANCIAL

AFFAIRS

Slotsholmsgade 10-12

1015 Copenhagen K

Denmark

Tlf.

Fax.

CVR-nr.

EAN nr.

+45 33 92 33 50

+45 33 12 37 78

10092485

5798000026001

EUU, Alm.del - 2016-17 - Bilag 556: Notat om dansk høringssvar på Kommissionens høring om midtvejsevaluering af Kapitalmarkedsunionen

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Finally, I would like to emphasize that the further development of the

Capital Markets Union is a project for all EU countries. It is therefore

important that we discuss all topics related to the Capital Markets Union

in the context of all member states.

Yours sincerely,

Brian Mikkelsen

Minister for Industry, Business and Financial Affairs

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Annex 1

–

Comments on concrete measures

In order to create more effective capital markets it is important to ensure

proportionality when fulfilling regulatory requirements. In the immediate

future, this is particularly relevant for the practical implementation of the

prospectus

regime, as well as finalising the proposals for

securitisation.

We are generally positive towards initiatives that increase cross-border

mobility and accessibility in the EU. Therefore, we believe that increased

focus should be given to inclusion of technology and digitalisation in the

area of financial services and, going forward,

FinTech

should be given a

prominent position in taking the Capital Markets Union. This may be best

achieved by adequate inclusion of these technological developments in

the existing legislation with a view to ensure a level playing field and

avoid unintended overlap or duplication of regulatory requirements. We

recognise the benefits of existing FinTech fora and initiatives, but also

regard it as important that we continue to give sufficient consideration to

different business models as well as inclusion of the Members

States’

authorities in any work in this area.

Extensive work has already been undertaken with regard to

crowdfund-

ing

in the EU. A harmonised take on and application of the existing rules

in this area, that makes the existing rules work better, as well as increased

consideration to use of technology and information sharing capacities

(such as e.g. referral systems from banks to platforms) would be benefi-

cial rather than launching new initiatives.

We support the idea of encouraging individuals to save for retirement by

providing well-performing, attractive pension products at a low cost. We

are also positive and supportive towards initiatives aimed at increasing

cross-border mobility in the EU Single Market. However, we generally

see it as a predominantly national responsibility to build adequate pension

systems suited to national contexts with the necessary flexibility, given

that company law, corporate governance and tax laws are areas heavily

influenced by national traditions. Moreover, Member States have only

recently implemented and market participants just adapted to the Solven-

cy II regime. As for a possible

EU personal pension framework

we do

not see a clear-cut case for a Personal Pension Framework at the EU-

level. If any further consideration is to be given to establishing an EU

Personal Pension Framework, there should be strong evidence that the

scheme is needed and such scheme should respect effective national pen-

sion frameworks.

We are overall supportive of the main objectives of the Commission pro-

posal on preventive restructuring frameworks, second chance and

EUU, Alm.del - 2016-17 - Bilag 556: Notat om dansk høringssvar på Kommissionens høring om midtvejsevaluering af Kapitalmarkedsunionen

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measures to increase the efficiency of restructuring, insolvency and dis-

charge procedures

–

e.g. reducing unnecessary liquidations of viable

companies and promoting a start-up culture. Furthermore, we are general-

ly supportive of initiatives that can contribute to well-functioning and

effective insolvency procedures. We also support further work aimed at

dealing with the problem of

non-performing loans

(NPLs). In addressing

the NPL issue in general, it is essential that any action in this regard is

carried out within the existing regulatory framework, notably the BRRD

and state aid rules.

We note that the

supervision

of capital markets is primarily undertaken

by national supervisory authorities, and that these are well suited for the

task due to their in-depth knowledge of the national markets. Where rele-

vant, this can be supplemented by the work undertaken by the European

Supervisory Authorities.