The EU Commission has published the first Capital Markets Union status report listing the steps undertaken to date in order to implement the aims of its Capital Markets Union Action Plan published on 30 September 2015. The Capital Markets Union is an EU initiative to support the development of sources of finance alternative to bank financing. The status report assessed the EU financial services legislation to ensure it is supporting growth and stated that newly introduced rules for insurers and reinsurers are already having an impact. The EU Commission is hopeful that its proposal to restart the securitisation markets in Europe and a second proposal which seeks to simplify prospectus requirements and reduce burdens for those companies issuing shares and bonds can be passed quickly. Other initiatives planned include a public consultation on business restructuring and insolvency, a plan to take further action to promote personal pensions, a forthcoming report on the development of crowdfunding markets in the EU and a revision of the venture capital legislation. Finally, the EU Commission plans to launch a public consultation on how the passporting rules for the cross-border distribution of investment funds can be improved.