EU to Unveil Major Transfer of Powers to Markets Watchdog (1)

The European Union’s executive arm is finalizing plans for a major transfer of national powers to its markets regulator, including the oversight of “significant” clearing houses, depositories and trading venues, as well as all crypto firms.

Draft proposals circulated by EU officials ahead of an announcement next month spell out how Brussels hopes to transform the European Securities & Markets Authority into a more sweeping finance watchdog like the US’s Securities and Exchange Commission.

The working document also proposes an independent executive board to scrutinize the revamped ESMA, which was founded almost 15 years ago as part of the EU’s ...