EU finance ministers agree position on capital markets oversight
Ministers have agreed a common position on giving EU watchdog ESMA more supervisory powers, but the changes are not yet in force.
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EU finance ministers agreed in Luxembourg on Friday, 9 October, to strengthen the capital markets union by giving the European Securities and Markets Authority (ESMA) more powers currently held by national regulators. The agreement establishes the member states’ position for further negotiations; it does not put the transfer of powers into force. [1]
The plan allows possible exceptions to European supervision. Deutsche Börse, for example, could remain under local oversight. Belgium was the only country to abstain after negotiations that ANP reported had long been stalled. [1]
According to ANP, the agreement means talks with the European Parliament and European Commission can begin. Dutch finance minister Eelco Heinen called the decision a milestone, but said it was only a beginning. He said more progress had been made in the past 10 months than in the preceding 10 years. [1]
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