The EU’s top financial markets regulator has warned that Brussels’ efforts to streamline bureaucracy are likely to face resistance from national watchdogs as it pushes to become a European equivalent of the US Securities and Exchange Commission.

The European Securities and Markets Authority (Esma) is pressing for greater powers to harmonise rules, including oversight of the EU’s largest exchanges, clearing houses and settlement systems that operate across borders — a role similar to that of its US counterpart.

But Esma chair Verena Ross told the Financial Times that reducing reporting burdens on financial firms would be “difficult” as national regulators remain attached to their own “gold-plated” rules and many are reluctant to fund a harmonised system.