The European Commission has published a speech by Vice-President Valdis Dombrovskis, which sets out his approach to the financial services portfolio he has taken over from Lord Hill, which includes the CMU action plan. Vice-President Dombrovskis explains that the approach taken will be in part shaped by the political challenge presented by the UK referendum result. The priorities identified by Vice-President Dombrovskis include: (i) a mid-term review of all CMU actions by the Commission in 2017; (ii) to focus on how to safely reduce burdens from the dual reporting obligation, particularly for non-financial firms in the EMIR review; and (iii) to set out the Commission’s proposed way forward in the light of the responses it received to its call for evidence on financial services legislation by the end of 2016.