On 18 February 2015 the European Commission launched a consultation on Capital Markets Union ("CMU"). The consultation closes on 13 May 2015 and is accompanied by two related consultations (on high quality securitisations and a review of the Prospectus Directive) which identify possible and relatively short term action points. The consultation papers are genuinely consultative and the Commission is offering interested parties a real opportunity to shape CMU. Based on the input received, the Commission proposes to adopt an Action Plan on CMU later in 2015. The Action Plan will set out the actions to be carried out over the next five years. The ambitious objective is to create a liquid, transparent, integrated and well–regulated single capital market by 2019. This legal update explains the Commission's objective but also considers the obstacles that currently stand in the way of CMU and the challenges the Commission faces in attempting to address those obstacles.
Originally published March 12, 2015.
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