EC adopts ESAP / ELTIFs / AIFMD / MiFIR proposals
The EU Commission has recently adopted a package of measures aimed at further integrating EU capital markets, ‘CMU and digital finance’ including a CMU statement taking stock of what has been done and what remains to be done on 4 legislative proposals: 2021 Capital Markets Union package
Adopted as part of the 2020 Capital Markets Union (CMU) action plan, the legislative proposals include:
· a regulation to establish a European Single Access Point (ESAP) for public financial and sustainability-related information about EU companies and investment products;
· amendments to the European Long-Term Investment Funds (ELTIFs) Regulation aimed at broadening the scope of eligible assets and investments, reducing certain fund rule limitations and introducing an additional liquidity window redemption mechanism for early exit;
· targeted amendments to the Alternative Investment Fund Managers Directive (AIFMD), including common rules on loan-originating funds, harmonised liquidity management tools, improved availability of depositaries, and clarification of delegation rules; and
· amendments to the Markets in Financial Instruments Regulation (MiFIR) and Directive (MiFID), including establishing an EU-wide consolidated tape for shares, bonds, exchange-traded funds (ETFs) and derivatives, adjusting the derivative trading obligation and the share trading obligation, and removing the open access obligation for exchange-traded derivatives.
The Commission intends to bring forward further CMU actions in 2022, including a proposal on listing, an open finance framework, an initiative on corporate insolvency and a financial competence framework.