On Wednesday 20 December, the European Commission presented a new prudential and supervisory framework for investment companies, as announced in its mid-term review of the action plan on the Capital Markets Union (see EUROPE 11804).
The reform has two objectives: to simplify the prudential requirements upon small investment companies and subject the larger ones, of systemic importance, to the same rulebook as European banks.
Previously, the 6,000 investment companies in the EU were...