Jonathan Hill has given an update on capital market union (CMU) and the Commission’s review of financial services regulation. He said that, following on from the proposal for the new Prospectus Regulation, the CMU plan will now proceed to consider measures to:

  • encourage venture capital;
  • improve the passport system for investment funds;
  • consider a European personal pensions market; and
  • build on the Green Paper consultation to look for ways of deepening the single market for consumer financial services.

He said many of the comments on current financial services legislation had complained at the amount of it, and its proportionality. He noted it is not only banks that may need a proportionate regime. (Source:Commission Gives Regulatory Update)