On 30 September 2015, the European Commission (the "Commission") presented its action plan (the "Action Plan") to establish a capital markets union ("CMU").

On January 20, the Council of Ministers adopted Council Regulation (EC) No. 139/2004 concerning the control of concentrations between undertakings (Regulation 139/2004). This new regulation, which replaces Regulation 4064/89, significantly increases the powers of the Commission to review and, if necessary, block transactions having a Community dimension, while at the same time bringing more flexibility to the review process. Regulation 139/2004 will enter into force on May 1, 2004.