On September 14, 2016, the European Commission published a
communication calling for an acceleration of the capital markets
union (CMU) reforms (COM(2016) 601 final) in light of the current
political and economic context.
Elements of particular interest to financial services
The Commission will support the co-legislators in reaching an
agreement by the end of 2016 on the modernization of the prospectus
The Commission calls on both the European Parliament and the
European Council to finalize the Regulation amending the European
Social Entrepreneurship Funds Regulation (Regulation 346/2013)
(EuSEF Regulation) and the European Venture Capital Funds
Regulation (Regulation 345/2013) (EuVECA Regulation) also by the
end of 2016;
The prospect of a legislative proposal being tabled in 2017
relating to a simple, efficient and competitive EU personal pension
To reduce capital charges attaching to investments by insurers
in infrastructure corporates, the Commission will adopt an
amendment to the Solvency II Delegated Regulation (Regulation (EU)
In the hope of strengthening retail investor participation in
capital markets and opening up the EU market for retail financial
services, the Commission will present an action plan on retail
The Annex to the communication also provides an update on the
CMU action plan initiatives.
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