Following a meeting on 9 December the Council of the EU has published its conclusions concerning the long-term financing of the European economy.
Without prejudice to further areas of work, including the establishment of European long-term investment firms, the conclusions highlight a number of areas where the European Commission should consider further work. In particular, the Commission should consider:
- revitalising the market for simple and transparent securitisations, including those products suitable for SMEs, based on a dedicated European securitisation framework which would address the inherent risks associated with securitisations. The Commission is called on to develop such a proposal by summer 2015;
- enhancing private placement markets from a European perspective. The Commission is invited to consider the development of a comprehensive but flexible regulatory framework that could play a supportive role in the development of a sustainable private placement market in the EU;
- further assessing the distinctive features and possible obstacles to the sustainable development of crowdfunding markets, thus preparing the ground for possible future policy intervention where necessary; and
- moving towards convergence in the regulatory approaches to covered bonds, in particular through enhanced transparency and data disclosure requirements.