The free movement of capital is one of the fundamental principles that, since 1957, have governed construction of the European Union. In spite of various initiatives and developments in financial law, the free movement of capital within the European Union still has not be fully achieved: the capital markets are still characterised by serious fragmentation and continue to be organised along national lines.

Therefore, on 18 February this year, in the framework of its investment plan, which is intended to encourage employment and growth in Europe, the European Commission (the “Commission”) officially launched a project aimed at creating a single capital market covering all of the 28 Member States.