The High Level Forum on Capital Markets Union (CMU) set up by the European Commission last October (see EUROPE 12346/26) published its interim report on Thursday 20 February, before issuing its final policy recommendations by the end of May 2020.
Compared to a previous version (see EUROPE 12424/15), this interim report contains a little more detail on the main categories of measures that the members of the Forum believe need to be adopted to relaunch the CMU.
This is particularly the case for measures supporting the development of long-term cross-border investment vehicles, measures to enhance the engagement of retail investors in capital markets and measures to develop financial literacy.
The report also identifies as a priority the introduction of measures to remove tax obstacles to cross-border investment, measures to enhance legal certainty for cross-border investment and measures to promote supervisory convergence in the EU.
The forum is also considering how to address broader cross-cutting issues related to financial technology and sustainable finance, it says.
The Forum's final recommendations will aim to feed into the Commission's reflections in the preparation of its next Action Plan on CMU, which is expected to be launched in 2020. See the report: https://bit.ly/39R3M7f (Original version in French by Marion Fontana)