Reflecting on the public consultation process and the over 700 responses received in relation to the CMU and the linked subjects of securitisation and the prospectus directive Hill identified three themes as being at the heart of the project: (i) how the CMU can increase funding options for business; (ii) how it can create more opportunities for investors; and (iii) how it can encourage cross border investment. The next step will be the publication of an Action Plan in September followed by concrete proposals.