EU Looks to Expand Direct Oversight Powers of Markets Watchdog

The European Union’s executive arm is finalizing plans for a major transfer of national powers to its markets regulator, including the oversight of “significant” clearing houses, depositories and trading venues, as well as all crypto firms.

Draft proposals circulated by EU officials ahead of an announcement next month spell out how Brussels hopes to transform the European Securities & Markets Authority into a more sweeping finance watchdog like the US’s Securities and Exchange Commission.