b'4.5. Capital Markets Union (CMU) In September of 2015, the EU CommissionOn 12 December 2017, the European published its Action Plan for Capital MarketsParliament and Council passed the Union, which established what would laterRegulation on Simple, Transparent and become the CMU. The original plan called forStandardised (STS) securitisations, a 315 billion investment plan that would, putwhich repealed and replaced the existing simply, strengthen the link between savingsregulations.30 Importantly, the law imposes and growth.strict sanctions on companies which fail to comply with the new regulations, creating a On 30 May 2017, the EU passed a regulationpotential minefield of compliance that could allowing support for venture capital anddiscourage cross-border securitisationfor social enterprises. On 10 April 2018, theUK companies.31EU Commission and European Investment Fund (EIF) launched a Pan-EuropeanOn October 2017, the European Parliament Venture Capital Funds programme calledand Council passed Regulations on VentureEU with 2.1 billion in capital, asEuropean Venture Capital and social part of the CMU.entrepreneurship funds, which replaced or updated the existing laws governing venture On 20 June 2017, The European Parliamentcapital.32 and Council passed the Prospectus Regulation. The regulation makes it easier for businesses to receive funding across EU borders. The new Prospectus Regulation 28will replace the existing Prospectus law on 21 July 2019.29193'