The final draft of Letta’s high-level report on the single market, seen by Euractiv, calls for “a strengthened role” of ESMA, first and foremost by centralising the oversight of the most systemic financial market players—along similar lines to what the EU previously enacted for the largest cross-border banks.
Enrico Letta will tell EU leaders and heads of state on Thursday (18 April) that the European Markets and Security Authority (ESMA) should start supervising the bloc’s largest financial sector firms and oversee the creation of a pan-European IPO venue for small and medium businesses.
The report says the system “must evolve similarly to the banking sector’s single supervisory mechanism, where the European Central Bank’s Single Supervisory Mechanism […] directly oversees significant banks, while national supervisors manage less significant ones.”
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