Capital markets union: clearing, insolvency and listing package

The European Commission has today put forward measures to further develop the EU’s Capital Markets Union (CMU)

• to make EU clearing services more attractive and resilient, supporting the EU’s open strategic autonomy and preserving financial stability
• to harmonise certain corporate insolvency rules across the EU, making them more efficient and helping promote cross-border investment
• to alleviate – through a new Listing Act – the administrative burden for companies of all sizes, in particular SMEs, so that they can better access public funding by listing on stock exchanges

More information

• Press release
• Frequently asked questions on clearing
• Frequently asked questions on listing and insolvency
• Watch the press conference

Clearing

• Text of the proposal for a Directive amending the Undertakings for Collective Investment in Transferable Securities Directive (UCITSD), the Capital Requirements Directive (CRD) and the Investment Firms Directive (IFD)
• Text of the proposal for a Regulation amending EMIR, the Capital Requirements Regulation (CRR) and the Money Market Funds Regulation (MMFR)
• Communication on the path towards a stronger EU clearing system, accompanying the legislative proposals
• Impact assessment accompanying the proposals on clearing
• Summary of the impact assessment accompanying the proposals on clearing
• Timeline of the initiative on the review of the European Market Infrastructure Regulation (EMIR) and stakeholder's feedback
• Feedback statement to the targeted consultation on the review of the central clearing framework in the EU
• Factsheet: Capital markets union - A path towards a stronger EU clearing system
• More on Derivatives/EMIR

Insolvency

• Text of the proposal for new Insolvency Directive harmonising certain aspects of substantive law on insolvency proceedings
• Impact assessment accompanying the proposal on insolvency
• Summary of the impact assessment accompanying the proposal on insolvency
• Timeline of the initiative on the listing act and stakeholder's feedback
• More on action 11 of the 2020 capital markets union action plan
• More on insolvency proceedings

Listing

• Text of the proposal for a Directive on multiple-vote share structures in companies that seek the admission to trading of their shares on an SME growth market
• Text of the proposal for a Directive amending Directive 2014/65/EU to make public capital markets in the Union more attractive for companies and to facilitate access to capital for small and medium-sized enterprises and repealing Directive 2001/34/EC
• Text of the proposal for a Regulation amending Regulations (EU) 2017/1129, (EU) No 596/2014 and (EU) No 600/2014 to make public capital markets in the Union more attractive for companies and to facilitate access to capital for small and medium-sized enterprises
• Impact assessment accompanying the proposals on listing
• Summary of the impact assessment accompanying the proposals on listing
• Factsheet: Accessing public financial markets - simpler listing rules for companies, especially SMEs
• More information
  • Investment services and regulated markets (MiFID)
  • Securities prospectus
  • Ensuring the integrity of securities markets
  • SME listing on public markets
  • Action 2 of the 2020 capital markets union action plan