The European Securities and Markets Authority (“ESMA”) published its opinion on 11 April 2016 on the necessary elements for a harmonised European framework for loan origination by funds (the “Opinion”). The Opinion is issued to the European Parliament, Council and Commission at the request of the European Commission as part of its Action Plan on Building a Capital Markets Union (the “CMU”), which was published on 30 September 2015. The goals of the CMU include assessing the need for a coordinated approach to loan origination by funds, and consulting on the elements of a European framework on loan origination. The European Commission intends to consult on that framework in the second quarter of 2016 (the “Commission Consultation”) and the Opinion, while having no legal force, is a useful indication of the direction of travel.