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On 18 February 2015 the European Commission launched a consultation on Capital Markets Union ("CMU"). The consultation closes on 13 May 2015 and is accompanied by two related consultations (on high quality securitisations and a review of the Prospectus Directive) which identify possible and relatively short term action points. The consultation papers are genuinely consultative and the Commission is offering interested parties a real opportunity to shape CMU.

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