On 25 October, the Commission presented its 2017 work programme outlining key initiatives and priority actions for the upcoming year. In the financial services area, the focus is in particular on the Capital Markets Union (CMU). Several initiatives are to be launched within its framework next year, including a proposal on an EU Personal Pension Product, a comprehensive strategy on sustainable finance, an action plan on retail financial services and a mid-term review of the CMU action plan. In addition, two already tabled CMU proposals - the securitisation and the prospectus regulations - are highlighted along with the European Deposit Insurance Scheme as pending initiatives which the Commission considers as priorities in 2017.
The 2017 work programme also includes upcoming targeted revisions of the Capital Requirement Regulation/Directive, the Bank Recovery and Resolution Directive and the European Market Infrastructure Regulation. The implementation of the total loss-absorbing capacity (TLAC) standard into EU law will also be brought forward, as well as follow-up actions to the Call for Evidence on the cumulative impact of financial legislation.
The work programme is far less exhaustive with regards to tax policy. Aside from the already tabled CCCTB initiative and a confirmation that the EU blacklist of non-cooperative tax jurisdictions (tax havens) is expected to be completed in 2017, the work programme only lists the implementation of upcoming BEPS measures and a potential proposal increasing the oversight of promoters and enablers of aggressive tax planning schemes.