The European Commission has published a communication outlining its work programme for 2016, the second of the Juncker Commission. The proposed work programme maintains the Commission’s focus on the ten priorities set out by President Juncker at the start of its mandate, which includes: (i) the implementation of the CMU, which is a key part of the Commission's work to develop a deeper and fairer internal market; (ii) a proposal to review the Prospectus Directive; (iii) a legislative review of the EuVECA and EuSEF Regulations in order to improve the take-up of these funds as part of the CMU without reducing the level of investor protection; and (iv) the proposed Regulation laying down common rules on securitisation and creating a European framework for simple, transparent and standardised (STS) securitisation (the Securitisation Regulation).