European Union plans to launch capital markets integration reforms in 2027, and cryptocurrency companies will also be regulated by ESMA

The European Union hopes to begin implementing its reform package for integrating capital markets by 2027, Maria Luis Albuquerque, the European Union's commissioner for financial services, said on Tuesday, providing the first guidance on the timetable for the reforms. "We should move forward with the discussion and approval of this package as soon as possible, ideally in 2027, which would be ideal." Last week, the European Commission announced plans to give its market regulator, the European Securities and Markets Authority (ESMA), greater supervisory and enforcement powers as part of a series of measures to consolidate fragmented capital markets. The proposal still needs to be approved by the European Parliament and the Council of the European Union, and some member states are strongly opposed to it. Centralizing regulatory powers would bring important clearing houses, central securities depositories and trading platforms under the jurisdiction of ESMA, and cryptocurrency companies would also be regulated by ESMA. The European Union has also committed to a comprehensive review of banking regulations by the end of next year, and the European Central Bank will publish proposals on Thursday to simplify banking supervision, which will be included in the overall reform work of the European Union Commission.