European Commission Consults on CMU Mid-Term Review


On January 20, 2017, the European Commission published a consultation paper requesting targeted input on revisions on the capital markets union (“CMU“) action plan, together with frequently asked questions on the consultation.

The Commission intends to publish its mid-term review of the CMU action plan in June 2017. The aim of the review is to take stock of the progress towards implementing the action plan, to reframe actions in light of new developments and to add new measures to the action plan. The CMU action plan was published in September 2015, and it set out the Commission’s proposed initiatives for the establishment of the CMU.

In the consultation, the Commission seeks views from stakeholders on potential revisions to the action plan on any additional actions that could:

  • Improve financing for innovation, start-ups and non-listed companies.
  • Improve the ability of companies to enter and raise capital on public markets.
  • Foster long-term infrastructure and sustainable investment.
  • Foster retail investment.
  • Strengthen banking capacity to support the wider economy.
  • Facilitate cross-border investment.

The consultation sets out the current position of the CMU initiatives already underway and the expected timings for their next steps, where applicable.

The deadline for responses is March 17, 2017. The Commission will evaluate the responses and produce a summary feedback statement. It will also hold more focused roundtable discussions on small and medium enterprises, access to finance, retail investigator engagement and institutional investment.