European Commission's Action Plan for Capital Markets Union

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October 28, 2020 TO: ICI Global Members
ICI Global EU Capital Markets Union Task Force
ICI Global Regulated Funds Committee
ICI Global Regulated Funds Committee - Asia SUBJECTS: Disclosure
Distribution
International/Global
MiFID, EMIR, AIFMD, UCITS V RE: European Commission's Action Plan for Capital Markets Union

 

On 24 September 2020, the European Commission published a long-awaited action plan for Capital Markets Union (CMU), which is an umbrella initiative for 16 legislative and non-legislative action items to take place through 2023.[1]  The Commission’s CMU plan builds on the repot of the High-Level Forum published in June 2020.[2] 

The 16 initiatives are designed to support the three Commission’s objectives, reflecting the Commission’s focus on post-COVID 19 recovery and on generating financing for the green and digital transitions for the EU economy: 

• Support a green, digital, inclusive and resilient economic recovery by making financing more accessible to European companies 

• Make the EU an even safer place for individuals to save and invest long-term; and 

• Integrate national capital markets into a genuine single market.

The attached appendix briefly summarizes the 16 initiatives, noting the Commission’s anticipated timeline and the legislative actions, if any.

 

Anna Driggs
Director and Associate Chief Counsel
ICI Global

 

Attachment

endnotes

[1] See https://ec.europa.eu/info/publications/200924-capital-markets-union-action-plan_en.

[2] See Memorandum No. 32531 to ICI Global Members, and ICI Global Regulated Funds Committee, dated 16 June 2020, available at https://www.iciglobal.org/iciglobal/pubs/memos/memo32531.