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By Antoine KREMER, ABBL ALFI Head of European Affairs
To say that the Commission’s legislative proposal on the review of the European Supervisory Authorities (ESAs) raised some eyebrows might be an understatement. When ECOFIN Ministers discussed the text in November, the skepticism regarding the planned new far-reaching powers of the ESAs was abundant.
Indeed the Commission proposed among others to hand over to the ESAs final decision making regarding the authorization of delegation to third countries, the authorization of several investment fund categories (ELTIFs, EUVECAs and EUSEFs) as well as the authorization of prospectuses from third country issuers. On the governance side vast decision making powers would be conferred on a new...
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