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Ugo Bassi, director of financial-markets policy at the EU executive arm, told an industry conference that governments have made clear they aren’t ready to hand any further oversight powers to agencies such as the European Securities and Markets Authority (ESMA).
“We will not take, I believe, any further initiative in this field unless we see there is a sensible and meaningful evolution in the thinking and the position of the member states,” he said. [...]
“This is probably the maximum we can have now,” Bassi said in a panel discussing plans for the capital markets union, at a convention held by the Federation of European Securities Exchanges.
Any proposal to hand off oversight, “that’s a challenging one” for national authorities, said Gerry Cross, the Central Bank of Ireland’s director of financial regulation. On the panel, Cross — a former Commission official — said the EU executive body may have turned off governments by asking for too much in its initial proposal for the bloc’s financial agencies review.