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The
project, which aims to make it easier for companies to raise
funds through bonds and equities, has made slow progress since
its launch last year. But the EU is determined to speed the
process after Britain's June vote to leave the EU removed a
major opponent of greater centralization of markets supervision.
The European Commission, the EU executive, set out steps on
Wednesday to ensure CMU has a "tangible impact" as soon as
possible.
"It's now time to finish the first building blocks of the
Capital Markets Union and move forward with new priorities,"
Commission Vice President Valdis Dombrovskis said in a
statement.
"We'll work closely with co-legislators so we can progress
quickly and make the CMU a reality."
The Commission acknowledged that further work will be needed to
reinforce "the European dimension of supervision" and said it
will consider a recommendation from a panel of EU leaders for a
single European capital markets supervisor.
Apart from seeking approval for reforms of prospectus rules and
securitization, the EU executive said there is also a need to
finalize changes to venture capital markets by the end of this
year.
"In addition, the Commission intends to take forward a programme
to support the development of national and regional capital
markets in member states," it added.
The commission said it would amend insurance and banking
legislation by the end of the year to "further unlock private
investment in infrastructure and small and medium sized
enterprises".
The EU executive will also present a draft law on business
restructuring that it said would allow "honest entrepreneurs to
benefit from a second chance after overcoming bankruptcy".
There will also be a proposal in November to help even out rules
that currently give preferential tax treatment to debt over
equity, plus a move next year to introduce a simple, efficient
and competitive pan-EU pensions product.
Regulators across the EU will also develop a coordinated
approach to help the bloc encourage financial technology start
ups, the Commission added.
(Editing by David Goodman)
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