LONDON (Reuters) - The European Union set out plans on Thursday to “reboot” its project to strengthen markets that raise funds for companies because London, the region’s biggest financial center, will be outside the bloc after Brexit.
A list of new “capital markets union” initiatives:
* public consultation on possible EU action to make it cheaper for banks to sell poorly performing loans on secondary markets;
* draft law this month to set up a pan-European personal pension product;
* draft law in early 2018 to create a more integrated European market in covered bonds, which are used by banks for financing;
* clearer rules on ownership of securities and claims;
* making it easier to invest in private equity;
* draft law in fourth quarter to look at easing of capital requirements on smaller investment firms;
* proposals in the third quarter to strengthen the powers of the European Securities and Markets Authority (ESMA) to support capital markets union;
* likely draft law in 2018 to ease listings requirements for smaller companies;
* assess the case of creating a “passport” for fintech firms to offer services across EU from a single base.
Reporting by Huw Jones. Editing by Jane Merriman