Thomas Richter: Centralisation of supervision inefficient and expensive

On 4 December 2025, the European Commission published ist market integration package. Among other measures, ESMA will, in future, supervise cross-border market participants such as major central securities depositories and central counterparties. Additionally, ESMA will audit cross-border asset managers with a minimum of EUR 300 billion in assets under management at least once a year.

Thomas Richter, BVI’s CEO, comments:

’A centralisation of supervision would be inefficient and expensive. National supervisory authorities will not disappear. BaFin and other NCAs will still be needed to supervise local market participants and to monitor compliance with national rules. We do not need another supervisory authority, but better cooperation. ESMA should expand its coordination role – for example, as a data hub for national supervisors or with a clear competition mandate to secure Europe's attractiveness as a location. Above all, the EU should simplify regulation. The massive flood of regulations from Brussels is the real problem for the industry.’