The European Securities and Markets Authority (Esma) is seeking greater authority to harmonize financial rules across the EU, aiming to create a European equivalent of the US Securities and Exchange Commission. However, Esma chair Verena Ross warns that reducing reporting burdens for financial firms will be challenging due to resistance from national regulators who are attached to their own rules.
The EU’s top financial markets regulator has warned that Brussels’ efforts to streamline bureaucracy are likely to face resistance from national watchdogs as it pushes to become a European equivalent of the US Sec urities and Exchange Commission.
Last month, von der Leyen and ECB president Christine Lagarde wrote in the FT that “Europe has got the message” on reducing bureaucracy, pledging an “unprecedented simplification effort” starting next month. Esma is in talks with national regulators about a harmonised reporting system that would allow companies to submit sustainability and financial data only once.
Financial Regulation EU Esma SEC Harmonization National Regulators
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