Capital markets union: Commission adopts package to ensure better data access and revamped investment rules

On 25 November 2021, the European Commission adopted a package of measures to ensure that investors have better access to company and trading data. The proposals deliver on several key commitments in the 2020 capital markets union (CMU) action plan. They will help connect EU companies with investors, improve their access to funding, broaden investment opportunities for retail investors and better integrate capital markets.

The package includes four legislative proposals, as well as a communication explaining how the different measures fit together. The four proposals are detailed below.

The Commission will follow up in 2022 with more CMU actions, including a proposal on listing, an open finance framework, an initiative on corporate insolvency and a financial competence framework.

Main Documents

• Press release
• Frequently asked questions
• Text of the Communication

Legislative proposals

European Single Access Point (ESAP)

This will offer a single point of access to public information about EU companies and EU investment products.

• Text of the proposal for an ESAP Regulation
• Text of the proposal for a Directive amending certain Directives as regards the establishment and functioning of the ESAP
• Text of the proposal for a Regulation amending certain Regulations as regards the establishment and functioning of the ESAP
• Impact assessment accompanying the ESAP proposal
• Summary of the impact assessment accompanying the ESAP proposal
• Factsheet: 2021 CMU package - European Single Access Point (ESAP)

Review of the European Long-Term Investment Funds (ELTIFs) Regulation

This review will increase the attractiveness of ELTIFs and make it easier for retail investors to invest in them

• Text of the ELTIFs proposal
• Impact assessment accompanying the ELTIFs proposal
• Summary of the impact assessment accompanying the ELTIFs proposal
• Report on the functioning of the European long-term investment funds (ELTIF) framework
• Factsheet: 2021 CMU package - European Long-Term Investment Funds (ELTIFs)
• More on ELTIFs

Review of the Alternative Investment Fund Managers Directive (AIFMD)

This review harmonises the rules around loan-originating funds (debt funds), in order to facilitate lending to real economy.

• Text of the AIFMD proposal
• Impact assessment accompanying the AIFMD proposal
• Summary of the impact assessment accompanying the AIFMD proposal
• More on AIFM

Review of the Markets in Financial Instruments Regulation (MiFIR)

These adjustments to the trading rules will ensure more transparency for all parties trading on capital markets

• Text of the MiFIR proposal (including the consolidated tape proposal)
• Text of the MiFID proposal
• Factsheet: 2021 CMU package - Consolidated tape
• Impact assessment accompanying the MiFIR proposal
• Summary of the impact assessment accompanying the MiFIR proposal
• More on MiFIR