The European Commission’s new Action Plan for Capital Markets Union, unveiled on September 30th, consists in a nutshell of a short list of technical proposals and a longer one of (rather general) potential actions.
The European Commission also launched three public consultations along with the CMU action plan. All of these three consultations are open for feedback before 06.01.2016.
- Public consultation on covered bonds in the European Union
The Consultation Paper falls under the scope of the Capital Markets Union project and evaluates signs of weaknesses and vulnerabilities in national covered bond markets as a result of the crisis, with a view to assessing the convenience of a possible future integrated European covered bond framework that could help improve funding conditions throughout the Union and facilitate cross-border investment and issuance in Member States currently facing practical or legal challenges in the development of their covered bond markets.
The Consultation Paper will trigger a debate with stakeholders on the feasibility and potential merits of greater integration between covered bond laws.
- Call for evidence: EU regulatory framework for financial services
The Commission is looking for empirical evidence and concrete feedback on: rules affecting the ability of the economy to finance itself and growth; unnecessary regulatory burdens; interactions, inconsistencies and gaps; rules giving rise to unintended consequences.
It is expected that the outcome of this consultation will provide a clearer understanding of the interaction of the individual rules and cumulative impact of the legislation as a whole including potential overlaps, inconsistencies and gaps. It will also help inform the individual reviews and provide a basis for concrete and coherent action where required.
- Public consultation on the review of the European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF) regulations
The Commission is launching a consultation on the review of the European Venture Capital Funds (EuVECA) regulation (No 345/2013) and European Social Entrepreneurship Funds (EuSEF) regulation (No 346/2013) with a view to improve the take-up of these funds as part of the Action Plan package. These specialist venture capital investment funds have been available since 2013 but only a small number of funds set up as EuVECA and EuSEF have so far been launched.
This consultation supports the objective of Capital Markets Union which is to facilitate a greater flow of capital from willing investors into the real economy. This consultation is part of the Action Plan package and takes up the replies received in the CMU consultation. It requests more details as to where and how the regulations could be changed without reducing the existing levels of investor protection.