On September 30, 2015, the European Commission published its Action Plan for building the CMU. The Action Plan follows the Commission’s announcement and consultation in February 2015. The Action Plan sets out the steps for the medium and long term that the Commission intends to take in five priority areas, which are: (i) providing more funding choices to EU businesses; (ii) ensuring an appropriate regulatory framework for long term investment and financing of Europe’s infrastructure; (iii) increasing investment and choices for retail and institutional investors; (iv) improving bank lending capacity; and (v) removing cross-border barriers and developing more harmonized capital markets for all Member States. The Action Plan includes a detailed action list and indicative timeline of steps that the Commission intends to take, including publishing proposals to amend the Prospectus Directive before the end of 2015. Several proposals and consultations were published with the Action Plan, including (i) a call for evidence on the impact of the EU regulatory framework for financial services which seeks feedback on rules affecting the ability of the economy to finance itself and growth, unnecessary regulatory burdens, inconsistencies, gaps and unintended consequences; and (ii) a proposed Commission Delegated Regulation amending the regulatory capital requirements for several categories of assets held by insurance and reinsurance undertakings.

The other publications are detailed further on this website: http://finreg.shearman.com.

The Action Plan is available at: http://ec.europa.eu/finance/capital-markets-union/docs/building-cmu-action-plan_en.pdf.

The Call for Evidence is available at: http://ec.europa.eu/finance/consultations/2015/financial-regulatory-frameworkreview/docs/consultation-document_en.pdf.

The proposed Commission Delegated Regulation is available at: http://ec.europa.eu/finance/insurance/docs/solvency/solvency2/amendment/20150930-amendment-to-the-delegatedact_en.pdf