EU member states have agreed on market regulation reforms. This decade-long effort aims to remove national barriers and promote private financing. On Friday in Luxembourg, finance ministers of various countries agreed on the so-called “market integration and regulation plan”, which will centralize supervision and enforcement work to the Paris-based European Securities and Markets Authority. Ireland, which currently holds the rotating presidency of the European Union, proposed a compromise to bridge differences over deciding which “important” institutions should be directly regulated by ESMA and which entities are exempted. Member States also engaged in intense discussions on the following issues: how much power should be given to the newly established Executive Council to oversee ESMA's daily operations; and how ESMA should receive financial support after expanded supervisory powers.

EU member states have reached an agreement on market regulation reforms. This decade-long effort aims to remove national barriers and promote private financing. On Friday in Luxembourg, finance ministers of various countries agreed on the so-called “market integration and regulation plan”, which will centralize supervision and enforcement work to the Paris-based European Securities and Markets Authority. Ireland, which currently holds the rotating presidency of the European Union, proposed a compromise to bridge differences over deciding which “important” institutions should be directly regulated by ESMA and which entities are exempted. Member States also engaged in intense discussions on the following issues: how much power should be given to the newly established Executive Council to oversee ESMA's daily operations; and how ESMA should receive financial support after expanded supervisory powers.