On 12 March 2021, the European Commission issued a targeted consultation on EU supervisory convergence and the single rulebook.

The background to the targeted consultation is that the September 2020 Capital Markets Union Action Plan provided that the Commission will work towards an enhanced single rulebook for capital markets by assessing the need for further harmonization of EU rules and monitoring progress towards supervisory convergence. It will take stock of what has been achieved in Q4 2021 and consider proposing measures for stronger supervisory coordination or direct supervision by the European Supervisory Authorities (ESAs). Input to the targeted consultation will feed into the preparation of the report required by the CMU Action Plan and also cover a review required under the ESAs’ founding regulations.

The deadline for comments on the targeted consultation is 21 May 2021.