EU Aims to Implement Capital Market Reform by 2027

According to PANews, EU Financial Services Commissioner Maria Luis Albuquerque stated on Tuesday that the European Union intends to implement its comprehensive capital market reform package by 2027, marking the first time a timeline has been provided for the initiative. Albuquerque emphasized the importance of swiftly discussing and approving the proposal, ideally aiming for implementation by 2027. Last week, the European Commission announced plans to enhance the supervisory and enforcement powers of the European Securities and Markets Authority (ESMA) as part of efforts to integrate fragmented capital markets. The proposal requires approval from the European Parliament and the EU Council, with some member states expressing strong opposition. Centralizing regulatory authority would bring key clearinghouses, central securities depositories, and trading platforms under ESMA's jurisdiction, including cryptocurrency companies. Additionally, the EU has pledged to conduct a comprehensive review of banking regulatory rules by the end of next year. The European Central Bank is set to unveil proposals for simplified bank regulation on Thursday, which will be incorporated into the EU Commission's broader reform efforts.