23 Mar 2016

More Union for the EU’s IPO Market

Karel Lannoo

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In his assessment of the latest draft prospectus Regulation, published on 30 November 2015, Karel Lannoo argues in this ECMI Commentary that the text goes somewhat further than the European Commission has previously entertained, but it falls short of creating a European market. In his view, the Commission is hostage to its own (or member states’) unwillingness to expand the powers of the European Securities and Markets Authority (ESMA) to become an EU-wide listing authority. In short, the Union that the EU wants to create for capital markets still seems a distant ambition.

Karel Lannoo is Chief Executive Officer at CEPS and General Manager of ECMI.