On 30 September 2015, the European Commission published its action plan on building a capital markets union (CMU). CMU will progress a number of measures intended to have a significant cumulative impact. As part of this initiative, the EU Commission also issued a call for evidence on the EU regulatory framework for financial services, which aims to assist the Commission to assess the combined impact of EU financial services legislation and whether it has given rise to any unintended consequences. The call for evidence seeks feedback on:
- Rules affecting the ability of the economy to finance itself and grow.
- Unnecessary regulatory burdens.
- Interactions of individual rules, inconsistencies and gaps.
- Rules giving rise to possible other unintended consequences.
The deadline for responses to the call for evidence is 6 January 2016 and the Commission intends to report on the main findings and next steps by "mid 2016".