An upgrade and more centralisation of market supervision is on the table in Brussels. ESMA’s role and structure will be strengthened, with a new executive board, modelled on the Anti-Money Laundering Authority (AMLA), and a profound expansion of its supervisory competences. These changes are the most important part of the capital Market Integration and Supervision Package (MISP), which modifies the regimes for infrastructure providers, asset managers and DLTs platforms in the EU.
Given the urgency for more market finance, and the lack of private investments, this package should be welcomed. But given it’s a very layered and elaborate proposal – a sort of omnibus – this ECMI Explainer, through analysing the changes affecting market infrastructures, asset management and supervision, puts forward the question that needs to be asked: whether it’s not too much a bit of everything all at once?
