E.U. member states carry out trade and investment activity on a daily basis with a potentially dramatic impact on the entire union or its individual members. For the purpose of ensuring market stability and protecting investors in these situations, it is necessary to implement policies that address issues holistically with respect to all member states. The ultimate goal of these policies and protocols is the realization of the Capital Markets Union (CMU). See “European Commissioner Emphasizes Need for Proportionate Regulation to Promote the CMU” (Mar. 17, 2016); and “E.U. Action Plan to Unify Capital Markets May Affect Hedge Fund Managers” (Oct. 8, 2015). All these points came across in a recent speech by Steven Maijoor, chair of the European Securities and Markets Authority (ESMA). This article highlights the key takeaways from Maijoor’s speech, which provide fund managers with insight as to the possible future of E.U. regulatory developments. For analyses of other recent speeches by Maijoor, see “ESMA Chair Outlines Rulemaking Authority and Implementation of MiFID II” (Jul. 14, 2016); and “ESMA Chair Calls for Increased Transparency and Regulatory Convergence As Interest Rates Rise” (Jan. 28, 2016).