EU Finance Ministers Reach Preliminary Agreement on Market Supervision

EU member states have reached an agreement on market supervision reform, a decade-long effort aimed at removing national barriers and boosting private financing. Finance ministers agreed on the so-called 'Market Integration and Supervision Programme' (MISP), which will centralize regulatory and enforcement tasks with the European Securities and Markets Authority (ESMA), headquartered in Paris. The package still needs to be reconciled with the European Parliament over the coming months before receiving formal approval and entering into force. (Caixin Global)