The Commission has found that the powers of the European Supervisory Authorities (ESAs) (which include ESMA) are insufficient to meet the challenges of developing the Capital Markets Union (CMU). It has therefore published a proposal for a regulation to amend and strengthen those powers.

Among other things, the proposal envisages granting ESMA a greater role in supervising critical benchmarks; directly supervising EuVECA and EuSEF funds (defined below) and European long term investment funds (ELTIFs) with rules harmonized at the EU level and the ability to restrict or prohibit the marketing, sale or distribution of units or shares in UCITS or alternative investment funds.

Read the Commission's proposal »

Read Dechert's OnPoint »