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The aim of the consultation is to seek feedback on how the current CMU programme could be updated and completed so that it represents a strong policy framework for the development of capital markets, building on the initiatives that the Commission has presented so far
The Commission services do not envisage fundamental changes to the conception or strategic focus of the CMU action plan adopted in September 2015, but rather targeted changes to update and reframe the programme of actions. A comprehensive consultation took place two years ago on the basis of the Commission's green paper Building a capital markets union of 18 February 2015.
Having consultation results available in mid-March enables the Commission to present the outcome of the consultation during the public hearing on CMU on 11 April 2017. The mid-term review of the CMU action plan is scheduled for June 2017, as announced in the Commission's Work Programme
The Commission Services will carefully evaluate the responses to this consultation and produce a summary feedback statement. In parallel to the consultation, the Commission Services are holding more focused roundtable discussions on three topics: SME access to finance, retail investor engagement and institutional investment. The consultation process will be concluded by a Public Hearing in Brussels on 11 April 2017.
As announced in the Commission's 2017 Work Programme, the intention is to complete the CMU Mid-term Review in June 2017 with a view to taking stock of progress on the implementation of the CMU Action Plan and identifying potential additional measures required to improve the financing of the economy.