Actions listed in the original action plan of September 2015

Strengthen access to public markets

Proposal to modernise the Prospectus Directive

Progress to date
Next steps

Review regulatory barriers to SME admission on public markets and SME growth markets

Progress to date
  • Two workshops on fostering admission of SME shares to trading, solutions to regulatory issues and market failures, and barriers to SME growth markets organised in October and December 2016
Next steps
  • The Commission services will produce a report in 2017
  • Follow-up actions have been introduced in the mid-term review of June 2017. See relevant section below

Review EU corporate bond markets, focusing on market liquidity

Progress to date
Next steps
  • Study report to be published in the summer of 2017
  • Expert group report to be published in Q4 2017
  • Follow-up actions have been introduced in the mid-term review of June 2017. See relevant section below

Support equity financing

Address debt-equity bias in national corporate tax systems

Progress to date
Next steps
  • Agreement by the Council

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

Prospectuses for public offerings

Implementing measures  (follow-up action)


Corporate bond markets

Communication (roadmap) to propose possible follow-up (follow-up action)

Progress to date
Next steps
  • Public consultation to be launched in early 2018
  • Communication on corporate bonds to be issued in the autumn of 2018

SME listing package

Explore through an impact assessment whether targeted amendments to relevant EU legislation can deliver a more proportionate regulatory environment to support SME listing on public markets (priority action)

PROGRESS TO DATE

Assessment of the impact of MiFID II level 2 rules on listed SME equity research (new action)

PROGRESS TO DATE

Monitor progress on IASB commitment to improve disclosure, usability and accessibility of IFRS (follow-up action)

Develop best practices on the use by Member States of EU funds to partially finance costs borne by SMEs when seeking admission of their shares on the future SME growth markets (new action)

Assessment of the case for a public-private investment fund, in close cooperation with the EIB, that invests in SME listed shares (new action)


Proportionate prudential requirements

Legislative proposal to improve the proportionality of prudential rules for investment firms (priority action)

PROGRESS TO DATE