Capital Markets Union – Delivering one year after the Action Plan

Summary:

Communication adopted by the European Commission on 25 November 2021, providing an overview of the package of legislative initiatives aimed at implementing the 2020 Capital Markets Union (CMU) Action Plan.

Further information:

The Capital Markets Union (CMU) is seen as an opportunity to address market fragmentation in the European Union (EU). In September 2020, the European Commission published its CMU Action Plan aimed at making progress on the completion of the CMU.

On 25 November 2021, the European Commission tabled a package of legislative initiatives aimed at ensuring that investors have been access to company and trading data. This Communication explains how the different measures fit together. The initiatives include:

• Proposal for a Regulation establishing European Single Access Point (ESAP);
• Proposal reviewing the European Long-Term Investment Funds (ELTIFs) Regulation;
• Proposal reviewing the Alternative Investment Fund Managers Directive (AIFMD);
• Proposal reviewing the Markets in Financial Instruments Regulation (MiFIR);
• Proposal reviewing the second Markets in Financial Instruments Directive (MiFID II).

• Primary Source

Commentary and Analysis

TaylorWessing: Insights, 29/11/2021: Building a Capital Markets Union for Europe: The Commission unveils new legislative proposals https://www.taylorwessing.com/en/insights-and-events/insights/2021/12/building-a-capital-markets-union-for-europe

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News

Bloomberg, 25/11/2021: Europe Pushes Ahead on Long-Awaited Capital Markets Union https://www.bloomberg.com/news/articles/2021-11-25/europe-pushes-ahead-on-long-awaited-capital-markets-union

Politico, 25/11/2021: EU looks inward on financial markets reform after Brexit https://www.politico.eu/article/eu-financial-markets-reform-brexit-mairead-mcguinness-city-london/

EurActiv, 26/11/2021: EU sees ‘decisive moment’ for building single capital market https://www.euractiv.com/section/economy-jobs/news/eu-sees-decisive-moment-for-building-single-capital-market/

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Official

European Commission: Capital Markets Union https://ec.europa.eu/info/business-economy-euro/growth-and-investment/capital-markets-union_en

European Commission: Publications: Capital markets union: Commission adopts package to ensure better data access and revamped investment rules https://ec.europa.eu/info/publications/211125-capital-markets-union-package_en

European Commission: Press Release, 25/11/2021: Capital Markets Union: Commission proposes new measures to boost Europe's capital markets https://ec.europa.eu/commission/presscorner/detail/en/ip_21_6251

European Commission: Questions and Answers on the 2021 Capital Markets Union package (25 November 2021) https://ec.europa.eu/commission/presscorner/detail/en/qanda_21_6252

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