The Securities and Markets Stakeholder Group (SMSG) facilitates ESMA’s stakeholder consultation by providing technical advice on ESMA’s policies under development.

In particular, the SMSG is consulted on actions concerning regulatory technical standards and implementing technical standards and, guidelines and recommendations, to the extent that these do not concern individual financial market participants. The SMSG may also submit opinions and advice to ESMA on its own initiative, with a particular focus on promoting supervisory convergence and assessing market developments.

The SMSG may also submit a request to ESMA, as appropriate, to investigate the alleged breach or non-application of Union law.



The SMSG is composed of 30 members appointed by ESMA’s Board of Supervisors, following an open and transparent selection procedure and taking into account geographical and gender balance. The SMSG members represent, financial market participants operating in the Union (13), their employees’ representatives (1), consumers (6), users of financial services (4), representatives of small and medium-sized enterprises (2) and independent top-ranking academics (4).

Since July 2020 Professor Veerle Colaert chairs the SMSG. Her mandate is coming to an end on 30 June 2024.

Members Representing
Barbara Alemanni Academics
Emilios Avgouleas Academics
Stephan Balthasar Financial market participants
Henning Bergmann Financial market participants
Piotr Biernacki  Small and medium enterprises
Florence Bindelle Financial market participants
Morten Bruun Pedersen Consumers
Lubomir Christov Users of Financial Services
Veerle Colaert  Academics
Urban Funered Financial market participants
Ivana Gažić Financial market participants
Ben Granjé Consumers
Adina Gurau Audibert  Financial market participants
Christiane Hölz Users of Financial Services
Dermott Jewell Consumers
Eric Litvack Financial market participants
Sari Lounasmeri Users of financial services
Stjepan Mandic Small and Medium Enterprises
Christian Martin Stiefmueller Consumers
François Masquelier Financial market participants
Martha Oberndorfer Consumers
Giovanni Petrella  Academics
Guillaume Prache Consumers
Agustín Reyna Consumers
Rainer Riess  Financial market participants
Virginie Saade Financial Market Participants
Ignacio Santillán Financial market participants
Pieter Schuurs Financial market participants
Chris Vervliet Employees
Tanguy van de Werve Financial market participants

The SMSG meets at least four times a year and at least twice with the Board of Supervisors. The dates for the meetings are included in the general calendar.