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European Commission Publishes Capital Markets Recovery Package (MiFID, Securitisation, Prospectus)

27 July 2020

On Friday the European Commission published “quick fix” amendments to the Securitisation Framework, MiFID and the Prospectus Regulation under the guise of a Capital Markets Recovery Package. The package proposes targeted changes to capital market rules, which will encourage greater investments in the economy, allow for the rapid re-capitalisation of companies and increase banks' capacity to finance the recovery. Further detail can be found in the accompanying Commission Staff Working Document. Given the limited nature and scope of the proposals, the Commission is hoping for agreement on an accelerated timeline.

The Commission’s draft proposals were ultimately scaled back substantially following consultation with the European Parliament and Member States who did not agree that many of the Commission’s early ideas fit under the umbrella of a true COVID recovery proposal. A more holistic review of MiFID is now expected to take place in Q2 / Q3 2021.

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