On 10 November 2015, the Council of the EU published a press release setting out its conclusions on the European Commission's action plan on building a capital markets union (CMU).

Of particular interest in an investment funds context, the Council:

  • Supports a number of the Commission's priority areas, including increasing investment and choices for retail and institutional investors and flags the publication, by year end, of a green paper on retail financial services and insurance.  
  • Stresses the importance of preserving the financial stability objectives of financial legislation, consumer and investor protection as well as the single market, including through the single rulebook. The Council notes the Commission's plan to review this body of law to ensure coherence, internal consistency and proportionality and looks forward to the outcome of the Commission's call for evidence on the EU regulatory framework for financial services.  
  • Invites the Commission, in the context of the relevant sectoral reviews, to assess the impact of third-country regimes in current regulations on the structure of EU capital markets, the competitiveness of the EU financial industry as well as effective access to third-country markets.  
  • Recognises the need for the ESAs to work on strengthening supervisory convergence, where appropriate through peer-review procedures and, if necessary, enhanced co-operation.