In September 2017 the European Commission presented a series of proposals to pave the way for further financial integration and a full capital markets union, to promote jobs, growth and investments in Europe and to strengthen the economic and monetary union.

Once adopted, the proposals will improve the mandates, governance and funding of the ESAs for banking (European Banking Authority, EBA), for securities and financial markets (European Securities and Markets Authority, ESMA), and for insurance and pensions (European Insurance and Occupational Pensions Authority, EIOPA). To ensure a uniform application of EU rules and promote a true Capital Markets Union, the proposals also entrust ESMA with direct supervisory power in specific financial sectors.

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