Actions listed in the original action plan of September 2015

Remove national barriers to cross-border investment

Report on national barriers to the free movement of capital

Progress to date
NEXT STEPS

Improve market infrastructure for cross-border investing

Targeted action on securities ownership rules and third party effects of assignment of claims

Progress to date
  • Uncertainty over which law applies in the event of legal challenges on ownership in chain transactions involving different EU countries gives rise to costs and risk
Next steps

Review progress in removing remaining Giovannini barriers

Progress to date
Next steps​

Foster convergence of insolvency proceedings

Insolvency law

Progress to date
  • Public consultation completed
  • The Commission proposed a directive on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures in November 2016
  • The Council reached an agreement on the proposed directive on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures in October 2018
Next steps
  • Agreement by the co-legislators

Remove cross-border tax barriers

Best practice and code of conduct for relief-at-source from withholding taxes procedures

Progress to date
Next steps

Study on discriminatory tax obstacles to cross-border investment by pension funds and life insurers

Progress to date
  • Study launched in December 2016
Next steps

Strengthen supervisory convergence and capital market capacity building

Strategy on supervisory convergence to improve the functioning of the single market for capital

Progress to date
Next steps

White Paper on ESAs' funding and governance

Progress to date
Next steps

Technical assistance to Member States to support capital markets' capacity

Progress to date
Next steps
  • Selection of CMU-related projects

Enhance capacity to preserve financial stability

Review of the EU macroprudential framework

Progress to date
Next steps

Actions as set out in the mid-term review of June 2017

Investment funds

Impact assessment with a view to considering a possible legislative proposal to facilitate cross-border distribution of UCITS and AIFs (priority action)

PROGRESS TO DATE

Post-trade market infrastructure

Communication (roadmap) to address remaining Giovannini barriers and other barriers (follow-up action)

Legislative proposal specifying conflict of laws rules for third party effects of transactions in securities and claims (follow-up action)

PROGRESS TO DATE

Taxation

Best practice and code of conduct simplification of withholding tax procedures with a focus on refunds (follow-up action)

PROGRESS TO DATE

Study on discriminatory tax obstacles to cross-border investment by pension funds and life insurers (follow-up action)


Corporate governance

Facilitate the cross-border exercise of shareholder rights including voting in the implementation of the Shareholders Rights 2 Directive published on 20 May 2017 (new action)

PROGRESS TO DATE

National barriers to the free movement of capital

Monitor the implementation of the Roadmap on removing national barriers to free movement of capital and continue discussing with the Expert Group (follow-up action)


Stability of the regulatory framework

Interpretative Communication to provide guidance on the existing EU standards for the treatment of cross-border EU investments (priority action)

PROGRESS TO DATE

Impact assessment with the view to setting out an adequate framework for the amicable resolution of investment disputes (priority action)


Enhance capacity to preserve financial stability

Ensure that the ESRB has the capacity to monitor potential risks to financial stability arising from market-based finance (follow-up action)

PROGRESS TO DATE