European Commission Holds Public Consultation on the Capital Markets Union Mid-Term Review

The European Commission launched a public consultation on the Capital Markets Union program and how it could be updated and completed, building on the initiatives that the Commission has presented so far, as part of the mid-term review. The mid-term review of the CMU action plan is scheduled for June 2017. The CMU Action Plan was published in September 2015 and set out priorities for putting in place the building blocks of a CMU by 2019. The Commission also published a Communication in September 2016 reaffirming its commitment to the CMU, calling for an acceleration of reform and outlining steps to increase the rate of completion. The Commission has completed 15 of the initiatives set out in the Action Plan (approximately half), including making progress on core legislative initiatives such as the proposed Prospectus Regulation and Securitization Regulation. Several more initiatives are expected to be launched in the coming months, including a proposal for simple efficient and competitive personal pensions, promotion of the FinTech sector with an appropriate regulatory environment and sustainable finance. 

As part of the mid-term review of the Action Plan, the Commission will take stock of the progress on its implementation, update actions in light of the work undertaken to date and the evolving market conditions as well as introduce new measures to complement the Action Plan.  

The Commission seeks feedback on how the CMU can be updated and completed. Responses to the consultation are due by March 17, 2017. The Commission aims to present the outcome of the consultation during the CMU public hearing on April 11, 2017. 

View the consultation page.