TechFlow news, December 9 — According to Jinshi Data, EU Financial Services Commissioner Mairead McGuinness said Tuesday that the European Union hopes to begin implementing its capital markets integration package by 2027, providing its first timeline guidance for the reform. "We should push forward discussions and approval of this package as soon as possible. Ideally, it would be excellent if implementation could start in 2027." Last week, the European Commission announced plans to grant the European Securities and Markets Authority (ESMA), its financial market regulator, greater supervisory and enforcement powers, as part of a series of measures aimed at integrating fragmented capital markets.
The proposal still requires approval from the European Parliament and the Council of the European Union, with some member states strongly opposed. Centralizing oversight would bring key clearinghouses, central securities depositories, and trading platforms under ESMA's jurisdiction, and cryptocurrency firms would also fall under ESMA regulation. The EU has also pledged a comprehensive review of banking supervision rules by the end of next year. The European Central Bank will unveil proposals on Thursday to simplify bank supervision, which will be incorporated into the European Commission's broader reform agenda.
