In the context of the Capital Market Union's action plan, the Commission would like to identify the remaining (market and regulatory) barriers hindering the take up of private placements of debt in the jurisdictions where this funding channel is still underdeveloped and identify best practice in the well-established markets.

The study will have both economic and legal components. The economic study should analyse: (1) stock-taking of well-functioning private placement markets; (2) cost-benefit analysis of private placements vs corporate bonds and syndicated loans; (3) assessment of growth potential of the private placement markets in Europe; (4) risk analytics of private placements; and (5) mapping of innovation in the private placement sector. The legal study should focus on: (1) identification of best practice in terms of the legal framework for a well-functioning private placement market; (2) identification of potential legal barriers to the development of private placements across the EU; and (3) legal management of risks in private placement transactions.