EU States Agree Beefed-up European Financial Markets Watchdog
The package would give the European Securities and Markets Authority direct oversight of trading venues, clearing houses and crypto-asset service providers.
- On Friday, EU finance ministers in Luxembourg agreed on the Market Integration and Supervision Package , granting the European Securities and Markets Authority direct oversight of major trading venues, clearing houses, and crypto-asset service providers.
- Ireland, holding the rotating EU presidency, led months of negotiations after some countries including Ireland and Luxembourg had criticized earlier European Commission proposals last year for threatening their influence over key financial sectors.
- Dutch Finance Minister Eelco Heinen praised the accord as a "major step forward," noting "more progress in 10 months than in 10 years," while German Finance Minister Lars Klingbeil called it a "very important and significant step" in which "everyone made compromises."
- Germany secured an exemption for Deutsche Boerse, arguing the Frankfurt operator lacks the cross-border dimension of Euronext to justify ESMA oversight, though critics questioned whether the carve-out weakens the reform and maintains market fragmentation.
- The watchdog becomes operational only after EU Parliament and member states finalize implementing regulations by year-end, with officials aiming to channel European savings into cross-border investments and lower funding costs for companies across the bloc.
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31 Articles
Today, on Friday, the EU member States reached an agreement to expand the powers of the European Securities and Markets Authority (ESMA) as one of the most significant financial reforms aimed at promoting economic integration and unified control of the cartel's capital markets.
Investing in another European Union country should be easier than it is today. Member states agreed on Friday on the main points of a common negotiating position on a proposal that will connect capital markets and unify the rules for their supervision. More private savings should thus flow to companies. Brussels expects the changes to improve financing for companies and increase the competitiveness of the European economy.
EU states agree beefed-up European financial markets watchdog
The agreement announced in Luxembourg gives enhanced powers to the Paris-based European Securities and Markets Authority (ESMA), which will supervise major players. Currently the agency has only a coordinating role among national market regulators. But the Frankfurt stock exchange operator, Deutsche Boerse, will be excluded from the body's supervisory scope after Germany sought a carve-out. German Finance Minister Lars Klingbeil welcomed the "ve…
On Friday, an agreement was reached within the European Union on the creation of a European super-authority for the supervision of financial markets, a reform considered essential for the strengthening of the economy of the Old Continent, France Presse says. Finance ministers, meeting in Luxembourg, approved a compromise, Ireland announced, holding the rotating presidency of the EU Council. This agreement, approved ...
EU Presidency: 'A milestone for the EU and our economy' (ANSA)
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