The European Commission has published a Communication on completing the Capital Markets Union by 2019. The Communication confirms the Commissions commitment to completing the CMU by mid-2019 and announces the publication of the FinTech Action Plan, including a proposed Regulation on Crowdfunding, and the Sustainable Finance Action Plan. Legislative proposals on covered bonds, the cross-border distribution of collective investment funds and the law applicable to third-party effects of assignment are expected to be published on March 12, 2018. In May 2018, the Commission intends to publish a proposed Directive on credit servicers, credit purchasers and the recovery of collateral as well as impact assessments on the SME listing regime and the resolution of investment disputes. 

The Commission states that completion of the CMU is more urgent due to the impending exit by the UK from the EU because the UK is currently the EUs largest financial centre. The Commission notes that an effective CMU will need to "open-up markets to give better access to finance for EU businesses and more and innovative investment opportunities for savers." The Commission calls for the EU co-legislators to accelerate finalization of other CMU-related legislation which the Commission has already proposed. These include the proposed enhancements to the powers of the European Supervisory Authorities, the heightened EU supervision of CCPs and the new prudential regime for investment firms. 

The European Council will assess progress on achieving the CMU by 2019 on March 22 and 23, 2018. 

View the Communication and Annex to the Communication. 

View the proposed Regulation on Crowdfunding. 

View the FinTech Action Plan.