The European Commission (the Commission) has published a communication on accelerating the Capital Markets Union (CMU) reforms together with an annex. In the communication, the Commission explains that, in the current political and economic context, it is essential to step up implementation and accelerate the CMU reforms. In particular, the Commission outlines its plans for finalising the first wave of CMU measures, for accelerating delivery of the next phase of CMU actions and for developing further priorities. Points of interest include:

  • the Commission calls on the Parliament and the Council to finalise the proposed Regulation amending the European Venture Capital Funds Regulation and the European Social Entrepreneurship Funds Regulation by the end of 2016;
  • as part of the review of the Capital Requirements Regulation and the Capital Requirements Directive, before the end of 2016 the Commission proposes to expand the favourable capital treatment for loans to small and medium-sized enterprises, and to reduce the capital requirements attached to investments in infrastructure;
  • the Commission will present an action plan on retail financial services to strengthen retail investor participation in capital markets, and open up the EU market for retail financial services;
  • the Commission will continue to promote the development of the FinTech sector. It plans to work with the European Supervisory Authorities, the European Central Bank, other standard-setters and member states to develop a co-ordinated approach that supports the development of FinTech in an appropriate regulatory environment;
  • the Commission will take the necessary action to remove the remaining barriers in the asset management sector, through legislative changes if necessary;
  • in the third quarter of 2016, the Commission will present a follow-up to its call for evidence on the cumulative impact of financial reform; and
  • the Commission will continue to monitor developments and identify further actions that are necessary to develop the CMU in the context of the 2017 CMU mid-term review that will be launched soon.

View European Commission communication on accelerating CMU reforms: financial services aspects, 14 September 2016

View Capital Markets Union implementation table, 14 September 2016

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