Commission consults on Capital Markets Union: The Commission has published a Green Paper on the Capital Markets Union (CMU) alongside consultation papers on the review of the Prospectus Directive and an EU framework for simple, transparent and standardised securitisation. The Commission is also proposing to lower the burden imposed by the prospectus regime on SMEs. The Green Paper also discusses and seeks feedback on issues such as:

  • private placement regimes, noting the recent industry best practice guide and asking whether other EU action is needed to improve standardisation, issuer creditworthiness information and liquidity in the secondary markets; 
  • further support to the development of the European Long-Term Investment Funds (ELTIFs);
  • a pan-European, standardised, personal pensions product;
  • lowering barriers to the creation, management and cross-border marketing of UCITS funds;
  • widening access to the operation of European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF);
  • calibrating prudential rules to encourage investment in lower-risk infrastructure;
  • cross-border crowdfunding and peer-to-peer lending;
  • ensuring the dissemination of consolidated post-trade information at commercially reasonable terms;
  • regulation of collateral and securities ownership law;
  • an EU covered bond framework;
  • improvements to credit information on SMEs; and
  • SME growth markets.

All stakeholders and interested parties are invited to comment by 13 May. Following the public consultation, the Commission will adopt an Action Plan this summer setting out its roadmap and timeline for putting in place the building blocks of a CMU by 2019. (Source: Building a Capital Markets Union)

Commission publishes BRRD Q&As: The Commission has published a document with answers it has provided to questions by national competent authorities about the interpretation and implementation of provisions in the Bank Recovery and Resolution Directive (BRRD). The Commission warns that the statements and opinions made in the document do not necessarily represent a correct interpretation of the legislation. (Source: BRRD Q&As)