Coronavirus (COVID-19)—EU capital markets recovery package
Coronavirus (COVID-19)—EU capital markets recovery package

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Coronavirus (COVID-19)—EU capital markets recovery package
  • Background to the capital markets recovery package
  • The Prospectus Amending Regulation
  • The EU Recovery Prospectus
  • Releasing pressure on financial intermediaries
  • The MiFID II Amending Directive
  • Changes to information requirements
  • Changes to commodity derivative rules
  • Changes to investment research rules
  • The Securitisation Amending Regulation and the CRR Amending Regulation
  • More...

This Practice Note summarises the new capital markets recovery package of measures proposed by the European Commission in July 2020 to address the impact of the coronavirus (COVID-19) pandemic. The package makes targeted amendments to the Prospectus Regulation (EU) 2017/1129, the Markets in Financial Instruments Directive 2014/65/EU (MiFID II), the Securitisation Regulation (EU) 2017/2402, and the Capital Requirements Regulation (EU) 575/2013 (CRR), with the aim of enabling capital markets to more easily support European businesses in recovering from the crisis caused by coronavirus.

Background to the capital markets recovery package

On 24 July 2020, the European Commission adopted a capital markets recovery package as part of its overall coronavirus (COVID-19) recovery strategy. The Commission had already proposed a targeted banking package in April 2020 to facilitate lending to households and businesses throughout the EU (for more information, see Practice Note: Coronavirus (COVID-19)—targeted EU banking package). The capital markets recovery package is intended to make it easier for capital markets to help businesses in the EU to recover from the crisis, by making targeted changes to capital market rules to encourage greater investments in the economy, allow for the rapid re-capitalisation of companies and increase banks’ capacity to finance the recovery.

The package contains targeted changes to the Prospectus Regulation, MiFID II, and rules relating to securitisation contained within the Securitisation Regulation as well as the CRR. When

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