On May 18, 2017, Ugo Bassi, Director of Financial Markets, European Commission DG FISMA, confirmed that the Commission will publish its midterm review of the capital markets union (“CMU“) on June 7, 2017.

Mr. Bassi stated that the review would contain an action plan for “CMU 2.0” and would announce a number of additional initiatives. These initiatives include measures to make it easier to sell funds cross-border using passporting mechanisms and to strengthen supervisory powers at the EU level, potentially through increased supervisory powers for ESMA. The Commission will adapt the initiatives envisaged under the CMU to reflect the UK’s decision to leave the EU.