In our previous alerts (here and here), we noted critical feedback that the European Commission (Commission) gave to the European Securities and Markets Authority (ESMA) on its December 2023 draft Regulatory Technical...more
In our previous alert, we looked at the draft revised Regulatory Technical Standards (RTS) supplementing the amended ELTIF Regulation (ELTIF 2.0) published by the European Securities and Markets Authority (ESMA) in its...more
On 23 May 2023, the European Council and the European Parliament reached a provisional agreement on three proposals jointly creating the European Single Access Point (ESAP) as part of the Capital Markets Union Action Plan. ...more
ANTITRUST AND COMPETITION - EU Foreign Subsidies Regulation Expected to Enter into Force by Mid-2023 - On 28 November 2022, the Council of the European Union adopted the Foreign Subsidies Regulation (FSR), which granted the...more
On 25 November 2021, the European Commission (the Commission) adopted a package of measures aimed to deliver on several key commitments in the 2020 Capital Markets Union (CMU) action plan. The package includes four...more
CMU: European Commission toolkit of indicators for monitoring progress The European Commission has published a staff working document containing a toolkit of indicators for monitoring progress on the Capital Markets Union...more
A recent report, entitled “A New Vision for Europe’s Capital Markets” (the “Report”), sets out some key recommendations for how the EU securitisation market can be scaled up. The Report has been published by the High Level...more
The European Commission’s High-Level Forum on the Capital Markets Union has published an interim report setting out its vision for the future of European capital markets. The CMU is an EU initiative which aims to enhance...more
On June 21, the new Communication forms the Commission’s contribution to the Euro Summit. It takes stock of the progress made to deepen EMU since the publication of the Five Presidents’ Report: Completing Europe’s EMU on...more
On November 28, the European Commission published a communication (COM(2018) 767 final) on the capital markets union (“CMU“). ...more
The European Commission (“EC“) published a communication and legislative proposal on the December 6, 2017, with the goal of finalizing Europe’s economic and monetary union. The communication, which contained a number of...more
The European Commission (“EC“) published on December 1, 2017 a report on the follow-up to its call for evidence on the EU regulatory framework for financial services. The report contains an update on progress on the...more
The European Parliament procedure file indicates that the report outlining the European Commission’s action plan on retail financial services will be considered in mid-November. The action plan, published in March 2017,...more
FCA bans firms' use of restrictive contractual clauses for future primary market services - On 27 June 2017, the Financial Conduct Authority (FCA) published its Policy Statement PS17/13 'Investment and corporate banking:...more
On January 20, 2017, the European Commission published a consultation paper requesting targeted input on revisions on the capital markets union (“CMU“) action plan, together with frequently asked questions on the...more
The European Commission published a paper (dated January 20, 2017) requesting feedback and general input on revisions to the CMU action plan. The original action plan was published in September 2015 and set out the...more
Financial Industry Developments - SEC Adopts Final Rules to Facilitate Intrastate and Regional Securities Offerings - On October 26, 2016, the Securities and Exchange Commission adopted rules designed to modernize...more
On October 25, 2016, the European Commission issued a communication outlining its 2017 Work Program (COM(2016) 710 final). The communication is addressed to the European Parliament, the Council of the EU, the European...more
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. ...more
In early 2015, the European Commission (Commission) launched the Capital Markets Union (CMU), one of its flagship initiatives, to address its perception that capital markets-based financing in the European Union could be...more
On September 30, simultaneously to its publication of the Capital Markets Union (CMU) Action Plan (see the October 9 edition of Corporate & Financial Weekly Digest for further information on the CMU), the European Commission...more
On September 30, the European Commission (EC) launched the Capital Markets Union (CMU) Action Plan as the initial blueprint to help build a single market for capital within the European Union. The intention of the CMU is to...more
On 30 September, the European Commission released its Action Plan for a Capital Markets Union (the “Action Plan”). The Capital Markets Union (“CMU”) is one of the key elements of the broader Investment Plan for Europe...more
On September 30, 2015 the European Commission (EC) published a legislative proposal for an EU framework for simple, transparent and standardized securitization. It has also published a legislative proposal for a regulation...more
The 2008 credit crisis was the beginning of an era of unprecedented government management of the capital markets. July 21, 2015 marked the fifth anniversary of the hallmark congressional response, the Dodd-Frank Wall Street...more