The Corporate Finance Standing Committee is responsible for developing all of ESMA’s work relating to the Prospectus Directive and Corporate Governance. Additionally, it carries out ESMA’s work with regard to major shareholding disclosures under the Transparency Directive, except in relation to how such disclosures are stored.

The Committee promotes greater efficiency in day-to-day work undertaken by supervisors; increases supervisory convergence and ensures the coherent application of rules across the membership.

In terms of developing technical advice and guidance, the Standing Committee has responsibility for elaborating Level 2 advice and Level 3 measures on the provisions of the Prospectus and Transparency Directives. In the area of Corporate Governance, the Corporate Finance Standing Committee will identify and consider a proposed ESMA response to areas which relate to securities (as opposed to company) laws in the European Union, which are of interest and relevance to ESMA and which are not addressed by other ESMA working groups. The Standing Committee also works to increase harmonised implementation of EU legislation. If needed or when requested, the Standing Committee also advises the European Commission on the need for possible changes to the appropriate Level 1 Directives.

The Committee also develops ‘Questions & Answers’ (Q and A) to continue to deliver greater supervisory convergence and transparency for market participants.

A new consultative working group has been formed to assist the SC, and a list of the members is available on the right.

Any correspondence regarding the work of this Committee should be sent to the ESMA Staff.

Click here to download CFSC Terms of Reference