Following the Bank of England’s response to the European Commission's call for evidence on the EU regulatory framework for financial services last week, responses have now also been received from HM Treasury, the FCA and the Eurosystem (i.e. the ECB and the national central banks of Member States in the eurozone). HM Treasury welcomes the call for evidence which, it explains, supports the UK's priorities for the financial services sector. The FCA also welcomes the call for evidence and hopes it will result in a short-term action plan of specific measure to address identified problems. Eurosystem identifies specific areas of EU legislation and regulation in its response where it considers improvements could be made, in line with the issues identified in the call for evidence. The call for evidence forms part of the Commission's broader capital markets union (CMU) initiative and was published in parallel with the CMU action plan. The Commission is expected to report on its findings in summer 2016.