The European Commission has published its first status report on its progress towards establishing the CMU. Alongside the status report, the Commission has published Lord Hill’s speech mentioned above, which highlighted the following key forthcoming actions for the Commission: (i) the passporting consultation referred to above; (ii) the publication of a report on crowdfunding in the EU and the regulatory steps taken at national level; (iii) the bringing forward of proposals to strengthen Europe's venture capital markets to build up scale, diversity and choice, including amending existing rules on EuVECAs and EuSEFs following its earlier consultation; and (iv) the launch of a pan-European fund-of-funds to encourage further private investment in venture capital markets.