Global Trustee and Fiduciary Services News and Views Issue 50

Global Trustee and Fiduciary Services News & Views | Issue 50 | 2018 7 other documents forming the first actions on the CMU. These included: • A legislative proposal on securitisation 2 , including a revision to the Capital Requirements Regulation. • New rules on Solvency II treatment of infrastructure. 3 • A consultation on venture capital and social entrepreneurship funds. 4 • A consultation on covered bonds. 5 • And a call for evidence on the EU regulatory framework for financial services. 6 The CMU Action Plan looked to revise and calibrate existing legislation wherever possible, rather than introduce new legislation. However, two of the more recent proposals also look to introduce new legislation in the form of the Fintech Action Plan and the proposals for Sustainable Finance. 7 The CMU Action Plan placemat presented overleaf describes this calibration at a high level. Overall, the CMU aims to: • Provide new sources of funding for businesses, especially for small and medium- sized enterprises. • Reduce the cost of raising capital. • Increase options for savers across the EU. • Facilitate cross-border investing and attract more foreign investment into the EU. • Support long-term projects. • And make the EU financial system more stable, resilient and competitive. To achieve these aims, the European Commission (Commission) proposed an Action Plan (CMU Action Plan) containing a number of steps for a gradual building of the capital markets union to be completed by 2019. 1 The CMU Action Plan, launched on 30 September 2015, set out a list of over 30 actions and related measures to establish the building blocks of an integrated capital market in the EU. Alongside it, the Commission also published a number of A FLAGSHIP INITIATIVE: A PLAN TO UNLOCK FUNDING FOR EUROPE’S GROWTH The Capital Markets Union (CMU) is a flagship proposal of the European Commission aimed at deepening and further integrating the capital markets of EU Member States.