Jonathan Hill, the European Commissioner for Financial Stability, Financial Services, and Capital Markets Union, has given a speech on the Commission's work on the CMU. Points of interest in the speech include: (i) the Commission will start its work this year to strengthen venture capital markets, encourage the development of crowd-funding as a source of financing for start-ups and encourage the development of industry-led business growth funds, in order to support equity in small and medium-sized enterprises; (ii) the Commission has made a proposal to restart Europe's securitisation markets, in order to free up more bank lending to smaller companies; and (iii) the Commission is working to remove barriers to cross-border investment and wants to remove the passport system for investment funds, so that they can offer their services more easily and compete in different markets.