EU Financial Services Commissioner Maria Louise Albuquerque said on Tuesday that the EU hopes to begin implementing its comprehensive capital markets integration reform package by 2027, providing guidance on the timeline for the reforms for the first time. The new proposal still needs approval from the European Parliament and the Council of the European Union, and is strongly opposed by some member states. Centralized regulatory powers will bring key clearinghouses, central securities depositories, and trading platforms under the jurisdiction of ESMA, and cryptocurrency companies will also be regulated by ESMA.