欧元区：关于资本市场联盟对监管和制度安排的影响的金融部门评估计划文件技术说明的发布（英）

PUBLICATION OF FINANCIAL SECTOR ASSESSMENTPROGRAM DOCUMENTATION—TECHNICAL NOTE ONCAPITAL MARKETS UNION—IMPLICATIONS FORSUPERVISION AND INSTITUTIONAL ARRANGEMENTS This paperonCapital Markets Union–Implications for Supervision and InstitutionalArrangementswas prepared by a staff team of the International Monetary Fund. It isbased on the information available at the time it was completedon July2,2025. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. EURO AREA FINANCIAL SECTOR ASSESSMENT PROGRAM TECHNICALNOTE CAPITAL MARKETS UNION–IMPLICATIONS FORSUPERVISIONAND INSTITUTIONAL ARRANGEMENTS This Technical Note was prepared by IMF staff in thecontext of the Financial Sector Assessment Program(FSAP)in the euro area. It containsthetechnicalanalysis and detailed information underpinning theFSAP findings and recommendations. Furtherinformation on the FSAP can be found athttp://www.imf.org/external/np/fsap/fssa.aspx PreparedByMonetary and Capital MarketsDepartment CONTENTS Glossary__________________________________________________________________________________________3 EXECUTIVE SUMMARY__________________________________________________________________________4 INTRODUCTION_________________________________________________________________________________9 THE CMU INITIATIVE AND ITS CONTEXT_____________________________________________________10 A. EU and EA Capital Markets____________________________________________________________________10B. The Institutional Framework for Regulation and Supervision__________________________________10C. The CMU Initiative and Its Predecessors______________________________________________________15D. CMU and Risks to Financial Stability__________________________________________________________18 THE SUPERVISORY BASELINE FOR CMU______________________________________________________19 A. Current Supervisory Arrangements___________________________________________________________19B. ESMA’s Direct Supervision____________________________________________________________________21C. Central Counterparties (CCPs)_________________________________________________________________24D. Supervisory Convergence_____________________________________________________________________25 CONCLUSIONS: MANAGING RISK UNDER AN ENHANCED CMU____________________________26 A. Firm Foundations for CMU____________________________________________________________________26B. Preparing for An Enlarged ESMA Mandate____________________________________________________27 FIGURE 1. ESMA’s Direct Supervision Scope_____________________________________________________________22 TABLES 1. Main Recommendations_______________________________________________________________________72. MSCI Classification of EU Member State Equity Markets______________________________________113. Class 1 Investment Firms Prudentially Supervised by the SSM________________________________12 Glossary AIFMAlternative Investment Fund ManagerBoSBoard of SupervisorsCCPCentral CounterpartiesCMUCapital Markets UnionCRACredit Rating AgencyCSACommon Supervisory ActionCSDCentral Securities DepositoryCSDRCentral Securities Depositories RegulationCTPConsolidated Tape ProviderCTPTPCriticalThird-PartyTechnology ProviderDRSPData ReportingService ProviderECBEuropean Central BankEMIREuropean Market Infrastructure RegulationESAEuropean Supervisory AuthorityESMAEuropean Securities and Markets AuthorityESMARESMA RegulationIOSCOInternational Organization of Securities CommissionsITSImplementing Technical StandardMiFIDIIMarkets in Financial Instruments Directiveand RegulationMSMember StateNCANational Competent AuthorityNRANational Resolution AuthorityRBSRisk-Based SupervisionRTSRegulatory technical standardsSIUSavings and Investments UnionSSFSenior Supervisors ForumSSMSingle Supervisory MechanismTRTrade RepositoryUCITSUndertakings for Collective Investment in Transferable SecuritiesUSSPsUnion Strategic Supervisory Priorities EXECUTIVE SUMMARY1 TheEuropeanUnion (EU)recently sought to give fresh impetus tolongstanding efforts togrow and deepen its capital markets—theCapital MarketsUnion (CMU).Building on the earlierFinancial Services Action Plan and work toremovebarriers to consolidation and efficiency in post-trade arrangements, the European Commission has set out variouslegislativeand non-legislativeinitiatives to enable easier access to capital, enhance the efficiency and scalability of EU capitalmarkets, and by doing so reduce theextent of the dependence on bank financing.Fragmentation ofcapital markets in theeuroarea (EA)isdriven by many factors including national differences insecurities,corporate, taxand pensionslaws,policies. Thesecancreate significant uncertainty,e.g.,determining which law is applicableand how cros