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European regulation update: long-term investment initiatives
European regulation update: long-term investment initiatives
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European regulation update: long-term investment initiatives

02/05/2017

Focus on the latest European regulatory developments

Capital Market Union (CMU)

 

On 8 December 2016, the European Commission (EC) Council and Parliament informally agreed on the revised prospectus regulation. The new prospectus regulation aims to reduce burdens, deliver shorter prospectuses and provide better and more concise information for investors and a fast track regime for companies that frequently tap capital markets. The agreed text must be formally approved by the EU Parliament and EU Council before publication in the Official Journal.

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On 16 December 2017, the Permanent Representatives Committee (COREPER) has, on behalf of the EU Council, agreed its negotiating stance on the proposed regulation amending the regulation on European venture capital (EuVECA) funds and European social entrepreneurship (EuSEF) funds. COREPER invited the incoming Maltese Presidency to begin negotiations with the Parliament with a goal to reaching an agreement at the first reading. Meanwhile, the EU Parliament's Economic and Monetary Affairs Committee (ECON) published its draft report on the proposed regulation.

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On 20 January 2017, the EC launched a consultation on the CMU mid-term review. The consultation aims to gather stakeholders' views on how the current CMU programme can be updated and completed so that it represents a strong policy framework for the development of capital markets, building on the initiatives that the Commission has presented so far. The results of this consultation will feed into the mid-term review of the CMU Action Plan that the Commission aims to publish in June 2017. The comments were due by 17 March 2017.

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On 27 January 2017, the EC adopted a report on tackling national barriers to cross-border investments in the EU.  The report is based on the work of an expert group of Member States' representatives alongside the Commission to map national barriers to cross-border capital flows and find the best ways of tackling barriers identified as being not justified by public interest considerations or as being disproportionate.  The report follows a call from the ECOFIN Council in 2015 for a roadmap to tackle national barriers and relates to the Commission's work on creating a Capital Markets Union.  The report distinguishes between different types of national barrier:

  • Ex ante barriers, which are of immediate concern when investors consider engaging in cross-border activity
  • In itinere barriers, which deter investors from maintaining or increasing their cross-border exposure
  • Ex post barriers, which lead to difficulties at the end of the investment process

For each type of barrier, the report builds on the Commission's discussions with the expert group and proposes next steps.  The barriers identified include withholding tax procedures, residence requirements imposed on the management of financial institutions and a lack of financial literacy.

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