France's Financial Markets Authority publishes priorities for the European Commission’s Savings and Investments Union strategy

France's Financial Markets Authority has published its response to the European Commission’s call for evidence on the planned Savings and Investments Union, urging an ambitious strategy that delivers rapid, concrete steps to develop and deepen European capital markets ahead of the Commission’s communication expected on 19 March. The AMF argues that EU capital markets have lost opportunities for growth and attractiveness and links the initiative to the EU’s need for large-scale funding of around EUR 1,000 billion per year for the climate and digital transitions and defence. It sets out three priorities: better channelling retail savings into long-term investment in the European economy, including a European label for products that best support long-term corporate financing accompanied by favourable tax treatment and a simplified investor journey without weakening investor protection; moving decisively towards more integrated EU-level supervision to address fragmented oversight, limit regulatory competition and reduce regulatory complexity; and revitalising securitisation by using the upcoming review of the securitisation framework to expand a market viewed as underdeveloped relative to the United States while maintaining high safety standards for European securitisations. The AMF plans to contribute to subsequent work by EU authorities following the Commission’s 19 March communication and intends to publish more detailed proposals on European supervision in the near term.