All articles tagged with #esma
Germany, France, Spain, Italy, Poland and the Netherlands have urged Brussels to accelerate the Capital Markets Union to deepen cross-border finance and reduce fragmentation, suggesting some powers be shifted to ESMA; however, the plan still needs broad cross-border backing (15 member states representing 65% of the EU population) to move forward.
Germany has signaled a shift toward centralized EU financial supervision by backing Esma expansion, arguing a stronger, more coordinated EU capital markets is worth sacrificing some national control. Berlin and five other large EU economies are pursuing a common transition timeline for Esma to oversee large cross-border markets, with hopes to secure broader agreement this year, while still negotiating issues like joint debt and bank deposit backstops.
The European Securities and Markets Authority (ESMA) has released a set of detailed proposals outlining how cryptocurrency companies should be authorized under the Markets in Crypto Assets (MiCA) law. The proposals cover areas such as handling user complaints, managing conflicts of interest, and setting reserve requirements for stablecoins. The consultation period will last until September 20, with further consultations planned for October and early 2024. ESMA's move comes in response to recent collapses and security breaches in the crypto sector, aiming to ensure better governance and security. The European Banking Authority (EBA) has also urged stablecoin issuers to prepare for MiCA rules to avoid disruptions in June 2024.