EU Commissioner Pledges to Advance Pension and Cryptocurrency Reforms Within the Year

Jinse Finance reported that the European Union has set a year-end target, requiring further measures to be taken before the end of the year to promote pension fund investments and simplify trading processes, in an effort to inject momentum into the revival of European capital markets. EU Financial Services Commissioner Mairead McGuinness announced the related plans on Thursday. She also stated that the European Commission is considering granting direct supervisory authority to its top market regulator based in Paris—the European Securities and Markets Authority (ESMA). She indicated that as supervisory powers are transferred to ESMA, the European Commission will consider the feasibility of centralized supervision for certain market infrastructures, such as central counterparties, central securities depositories, and trading venues. She added that emerging sectors such as crypto asset service providers would also benefit from more centralized regulation, emphasizing that this move would not undermine the role of national regulators.