Global Trustee and Fiduciary Services News and Views Issue 50

Global Trustee and Fiduciary Services News & Views | Issue 50 | 2018 11 Dombrovskis expresses concern that the Commission would not reach its goal of putting in place the building blocks before the European elections in 2019, and cited a need for determined support from the other EU institutions, not least because Europe’s largest financial centre is about to leave the single market. So by the time of Brexit, conditions for a truly single market for capital need to be in place. In July 2018, eight of the EU Member States published a joint statement on the CMU after Brexit. It also urges the EU to use Brexit as a catalyst in the further development and integration of capital markets. 11 The CMU remains central to the EU’s growth prospects and is as much about developing local markets as it is about linking them together across borders, but Dombrovskis still warns that the bloc’s flagship project is in jeopardy, with governments lagging in approving the necessary laws. 12 Amanda Hale Head of Regulatory Services Global Trustee and Fiduciary Services Citi 1 https://ec.europa.eu/info/publications/action-plan-building- capital-markets-union_en. Link here . 2 Securitisation: https://eur-lex.europa.eu/legal-content/EN/TXT/ PDF/?uri=CELEX:32017R2402&from=en. Link here . Capital Requirements Regulation: https://eur-lex.europa.eu/legal- content/EN/TXT/PDF/?uri=CELEX:32017R2401&from=en. Linkhere . 3 https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri =CELEX:32016R0467&from=EN. Link here . 4 http://ec.europa.eu/finance/consultations/2015/venture- capital-funds/index_en.htm. Link here . 5 http://ec.europa.eu/finance/consultations/2015/covered- bonds/index_en.htm. Link here . 6 http://ec.europa.eu/finance/consultations/2015/financial- regulatory-framework-review/index_en.htm. Link here . 7 Fintech Action Plan: https://ec.europa.eu/info/sites/info/ files/180308-action-plan-fintech_en.pdf . Sustainable Finance: http://europa.eu/rapid/press-release_IP-18-3729_en.htm. Link here . 8 https://ec.europa.eu/info/publications/180308- communication-cmu_en. Link here . 9 https://ec.europa.eu/commission/commissioners/2014-2019/ dombrovskis/announcements/speech-vp-dombrovskis- joint-european-central-bank-and-european-commission- conference-fostering_en. Link here . 10 https://ec.europa.eu/commission/commissioners/2014-2019/ dombrovskis/announcements/speech-vp-dombrovskis- joint-european-central-bank-and-european-commission- conference-fostering_en. Link here . 11 Member States: Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Sweden and the Netherlands. Statement: https:// www.government.se/statements/2018/07/shared-views-of- the-finance-ministers-from-denmark-estonia-finland-ireland- latvia-lithuania-sweden-and-the-netherlands-about-capital- markets-union/. Link here . 12 https://www.ft.com/content/937c4388-90a4-11e8-bb8f- a6a2f7bca546. Link here . “IT IS VITAL THAT THE VISION FOR STRONGER CAPITAL MARKETS IS EMBRACED BY ALL.” Verena Ross, European Banking Summit, September 2018