EU Action Plan for Capital Markets Union
The action plan of the Commission builds on the recommendations of the High Level Forum from summer. The 16-point plan contains good ideas, for example on harmonizing MiFID II and PRIIPs‘ regulation or on setting up an EU-wide consolidated tape and a digital platform for corporate data (European Single Access Point - ESAP), which will give investors seamless access to financial and sustainability information. The BVI has lobbied for these points.
Albeit, we need more speed for the EU-wide digital platform ESAP. If the Commission sticks to its roadmap and does not present the corresponding legislative proposal until the third quarter of 2021, the platform will not be able to start before 2025. Investors need access to reliable and comparable ESG corporate information much earlier.
We expect that the German EU Council Presidency will now do its part to ensure that the many words are followed by deeds so that the Capital Market Union finally gets off the ground.