EU sets year-end goals to promote pension investment and simplify transaction processes

The EU has set its year-end targets and implements further measures aimed at strengthening pension investment and simplifying transaction processes to revitalize European capital markets. On Thursday, EU Financial Services Commissioner Albuquerque unveiled plans, including considering granting direct regulatory authority to the European Securities and Markets Authority (ESMA), the highest market regulator in the EU, based in Paris. Albuquerque said that as regulatory powers shift to ESMA, the European Commission will explore the feasibility of centralized regulation of certain market infrastructures such as central counterparties, central securities custodians and trading venues. She noted that emerging industries, including crypto asset service providers, will also benefit from more centralized regulation, stressing that the move will not undermine the role of national regulators.