As widely anticipated, the European Commission has been working on draft legislation that would introduce a set of European Criteria establishing a legislative framework for "Simple, Transparent and Standardised" (STS) securitisation, as part of its plans to build a Capital Markets Union (CMU) within the EU (see Edition 15 of this SCM Briefing for detailed background on the CMU Green Paper and related consultations, and Edition 16 for the latest progress update on developing a definition of "qualifying securitisation").  As we noted in previous Editions, the legislative proposals (and indeed the CMU Action Plan) were due to be officially released on 30 September 2015.  The European Commission has now released its CMU Action Plan, which comprises a draft proposal for a Securitisation Regulation, a Regulation Amending the Capital Requirements Regulation (CRR), a Consultation Document on Covered Bonds, a Consultation Document on venture capital and new rules on the Solvency II treatment of qualifying infrastructure projects.  In conjunction, the Commission has also released a Call for Evidence on the EU regulatory framework for financial services, which is intended to gather views on the appropriateness and efficacy of the EU post-global financial reforms introduced to date within the EU.  Focusing on the key aspects of the CMU Action Plan affecting structured finance market participants, the CMU Action Plan, the Securitisation Regulation, the Regulation Amending CRR and the Consultation on Covered Bonds are summarised in further detail below (and the Call for Evidence is briefly summarised).  The Commission was also due to release its plans for a "radical" overhaul of the Prospectus Directive as part of the CMU Action Plan, but these proposals have been delayed and will now be released at a later stage, but before the end of 2015