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Standing Committees


Much of ESMA’s work is supported by Standing Committees (SC), working groups and task forces, which draw together senior experts from National Competent Authorities (NCAs). The different ESMA SCs are established on a permanent basis. Each Committee is normally chaired by senior representatives of NCAs and supported by ESMA staff who act as rapporteurs. All SCs also have consultative working groups made up of external stakeholder representatives.

ESMA’s SCs prepare the technical work on all areas of ESMA’s activities. However, the ultimate decision making body of ESMA is the Board of Supervisors, whereas the Management Board deals with the management of the Authority.

ESMA’s Standing Committees and their tasks

Name of Standing Committee



Secondary Markets Standing Committee


  • work on structure, transparency and efficiency of secondary markets for financial instruments, including trading platforms, OTC markets (such as regulated markets, MTFs, systematic internalisers or other platforms.
  • develop technical standards and guidelines, preparing advice to the EC relating to the MiFID.

Elisabeth Roegele,

BaFin, Germany

Investment Management Standing Committee


  • work on issues relating to collective investment management, covering both harmonised and non-harmonised investment funds.
  • develop technical standards, preparing advice to the EC, or developing guidelines and recommendations relating to UCITS and AIFMD.

Gabriela Figueiredo Dias ,

CMVM, Portugal

Post-Trading Standing Committee


  • work relating to post-trading market infrastructures or post-trading processes or operations, such as the clearing and settlement of transactions in financial instruments.
  • develop technical standards, preparing advice to the EC or developing guidelines and recommendations relating to EMIR, CSDR, SFD, MiFIR and SFTR.

Robert Ophèle,

AMF, France

Credit Rating Agencies Technical Committee


  • prepare technical standards and common guidelines on CRA Regulation.
  • co-ordinate with other international organisations and third-country regulators that are performing activities in relation to CRAs.

Verena Ross,


Corporate Reporting Standing Committee


  • work relating to the regulatory developments in the area of accounting and auditing, periodic financial reporting under the Transparency Directive.
  • develop technical advice, guidance and standards.
  • in the area of accounting, coordinating work on enforcement of compliance with IFRS.

Ana María Martínez-Pina García,

CNMV, Spain

Corporate Finance Standing Committee



  • work relating to the Prospectus Directive, corporate governance, and major shareholding disclosures under the Transparency Directive.
  • develop technical advice and guidance, standards on the provisions of the above  Directives.
  • in the area of corporate governance, respond to areas which relate to securities laws in the EU.

Benoit de Juvigny,

AMF, France

Market Integrity Standing Committee


  • work on issues relating to market surveillance, enforcement of securities laws, facilitation of co-operation of national authorities and exchange of information in market abuse investigations.
  • develop technical standards, preparing advice to the EC or developing guidelines and recommendations on issues relating to the integrity of markets on issues such as market abuse, short-selling or benchmarks.

Nicoletta Giusto,

Consob, Italy

Data Standing Committee


  • work on issues relating to reporting of transactions, positions, record-keeping of orders and instrument reference data. The objectives of this group are to enhance the quality of the market data reported to EU National Authorities and Trade Repositories and to foster supervisory convergence among the national authorities in its area of competence.
  • elaborating technical standards, guidelines and Q&As relating to the review and implementation of reporting requirements resulting from two important markets legislations: the European Market Infrastructure Regulation (EMIR) and the second iteration of the Markets in Financial Instruments Directive (MiFID II). The aim is to foster consistency, to the maximum extent, by avoiding reporting conflicts between the two regimes.

Christopher Buttigieg,

MFSA, Malta

Investor Protection and Intermediaries Standing Committee



  • deal with regulatory issues related to the provision of investment services and activities by investment firms and credit institutions. Particular regard is made to investor protection, including the conduct of business rules, distribution of investment products, investment advice and suitability.
  • develop and provide technical advice to the EC, and for preparing technical standards, guidelines and recommendations relating to the provisions of MiFID applicable to investment services and activities.

Merel van Vroonhoven,

AFM, Netherlands

Financial Innovation Standing Committee



  • achieve a coordinated approach to the regulatory and supervisory treatment of new or innovative financial activities.
  • identify risks to investor protection, and to financial stability, in the financial innovation area; and then to produce a risk mitigation strategy.

Jean-Paul Servais,

FSMA, Belgium

Supervisory Convergence Standing Committee


  • identifying topics for, and carrying out, peer reviews by ESMA
  • promoting a common framework within ESMA in relation to supervisory convergence
  • reporting to the ESMA Board on the implementation of the supervisory convergence work programme
  • dealing with cross-cutting issues of supervisory convergence that arise

João Sousa Gião,

CMVM, Portugal

Committee of Economic and Markets’ Analysis


  • financial markets monitoring and analysis
  • identification, monitoring, and assessment of trends, potential risks and vulnerabilities in financial markets across borders and sectors, including a thorough focus on financial innovations and incentives related to market practices both at the wholesale and retail level.

Carmine Di Noia

Consob, Italy

Commodity Derivatives Task Force


  • monitoring and analysing regulatory and industry developments in the field of commodity financial markets
  • participating in the European legislative process in the commodity derivatives field and promoting supervisory convergence
  • managing the co-operation between financial regulators/ESMA and other regulatory and supervisory authorities such as the Agency for the Cooperation of Energy Regulators (“ACER”) and national energy regulators.

Elisabeth Roegele,

BaFin, Germany

IT Governance and Management Group

  • work on IT governance, exchange of data & information between NCAs and ESMA

Nicolas Vasse,



Carl Mitchell - SEB, Head of Rates Trading, Rates Product Owner
Daniel Kapffer - DekaBank, COO Banking
Etienne Valence - BNP Paribas, Head of Compliance-Market integrity
Henk Rozendaal - Cooperative Rabobank U.A., Global Head of Derivatives Trading
Mario Muth - Deutsche Bank AG, London Head of Electronic Fixed Income Sales and Fixed Income Market Structure
Stephane Giordano - Société Generale, Managing director Regulatory Strategy Investment Banking
Beatriz Alonso-Majagranzas - BME, Equity Director
Arran Rowsell - BGC, Head of Credit Strategy
Rafael Bunzl - CIMD, Managing Director of CIMD
Henrik Husman - Nasdaq, President Nasdaq Helsinki
Raffaele Jerusalmi, Borsa Italiana, CEO of Borsa Italiana Executive Director and Board Member of LSEG
Simon Gallagher - Euronext, Head of Cash and Derivatives Euronext
Ulf Timke - Hamburg Stock Exchange, Head of Market Surveillance Officer
Virginie Saade - Citadel, Director of Government and Regulatory Policy for Europe
Shaun Evans - Optiver, Chief Compliance Officer
Marcus Schueler - Tradeweb, Managing Director | Head of Regulatory Affairs & Market Structure
Geoffroy Vander Linden - MarketAxess and Trax Netherlands, Country Head
Philip Hanssens - Fidelity International, Chief Compliance Officer, Europe
Poul Kjær - Danish Shareholders Association, Policy Advisor / Associate Professor at the Copenhagen University /Chairman of the Board of XBRL Denmark
Nicola (Niki) Beattie - Market Structure Partners, Founder and Chief Executive


Francisco Béjar Nuñez - COO, IBERCLEAR
James Cunningham - Senior Advisor and Managing Director, The Bank of New York Mellon SA/NV
Helen De Geer - Global Solution Architect – Post Trade, Nasdaq
Natasha de Terán - Head of Corporate Affairs, SWIFT scrl
Diana Dijmarescu - Managing Director, EMEA Head, Global Market Infrastructures, J.P. Morgan Limited
Andrew Douglas - Chief Executive Officer, DTCC/DDRL
Christophe Hémon - CEO, LCH SA
Ulrich Karl - Head of Clearing Services, International Swaps and Derivatives Association
Valerio Lemma - Full Professor/Lawyer, University G. Marconi of Rome/Eversheds Sutherland Law Firm
Janne Palvalin - Head of Sector & Infrastructure, Nordea Bank
Mathias Papenfuß - Member of the Executive Board, Clearstream Banking AG
Rudolf Siebel - Managing Director, BVI
Paul Symons - Head of Government Relations, Euroclear SA/NV
Marc Tibi - Director, BNP Paribas Securities Services
Timothy Tomalin-Reeves - Treasurer (EMEA), Citadel Investment Group
Marcello Topa - Director, EMEA Market Policy & Strategy    Markets and Securities Services, Citibank NA
Roy Verwey - Manager Global Clearing, Optiver
Valentijn Wiegel - Head of Network Management Europe, ABN AMRO Clearing Bank N.V.



Jeanine Arnold – Vice President - Senior Credit Officer, Moody’s
Dirk Beerbaum – Group Finance Solutions Group, Deutsche Bank
Emmanuel Besson – Portfolio Manager, Deux-ville AM, Accounting and Financial Analysis Commission, SFAF (Société Française des Analystes Financiers)
Sofia Bildstein-Hagberg – Senior Adviser Financial Reporting, Svenskt Näringsliv (Confederation of Swedish Enterprise)
Martijn Bos – Policy Advisor Reporting & Audit, Eumedion
Arjan Brouwer – Chief Accountant, National Office, PwC & Member of Corporate Reporting Policy Group, Accountancy Europe
Olivier Courtois – Chief Financial Officer for France, Belgium, Netherlands, Luxembourg, Italy, AXA Investment Managers
Heiko Ehrcke – Senior Expert Principles, Policies and Research, Group Accounting & Customer Finance, Deutsche Telekom
Marius Gros – Professor of Accounting and Control in Health Care, Hochschule Niederrhein
Michael Kavanagh – Chief Executive Officer of the Association of Compliance Officers in Ireland
Maria Kortene – Vice President, Financial Control and Group Finance, UPM Kymmene Corporation
Anne-Hélène Monsellato – Executive Vice-chair and Treasurer
Javier Mora – Manager, XBRL Spain
Elena Fatima Perez Carrillo – Assistant Professor, Department of Private Law and Enterprise, Faculty of Law, University of León & Fellow of University de Santiago de Compostela Corporate Governance and Corporate Social Responsibility Centre (CERGI)
Kazim Razvi – Director, Financial Reporting Policy, CFA Institute
Laurence Rivat – Commissaire aux comptes, Partner, Global IFRS Leadership Team – France/Italy/Spain, Deloitte
Simone Scettri – Partner, MED Professional Practice Director, Ernst & Young
Chris Spall – Seconded Partner, International Standards Group, KPMG
Ryan Spiteri – EMEA Head of Financial Reporting, Director, BlackRock Investment Management
Sonia Vivier-Gallina - Senior Manager Accounting Policies & Projects, AIRBUS


Jochen Artzingen-Bolten - Partner, White & Case LLP
Stephan Balthasar, Dr. - Associate Director, Allianz SE
François Basdevant - Vice-President Mergers & Acquisitions, Vivendi
Charlotte Bellamy - Director, Primary Markets, Market Practice and Regulatory Policy, ICMA
Daryl Byrne - Head of Regulation, Irish Stock Exchange plc
Sophie Chaperon - KPMG France
Paola Fico - Head of Primary Markets Regulation and Regulatory Compliance, Borsa Italiana
Gonzalo Garcia-Fuertes - Partner, J&A Garrigues, S.L.P. Madrid
Daniel Geiger - Head of Legal Services/Treasury, Linde AG, Linde Finance B.V.
Piet Hemschoote - Audit Partner, E&Y Bedrijsrevisoren
Elizabeth Howel, Dr. - Slaughter and May Lecturer in Corporate Law, University of Cambridge
Camille Leca - COO Listing, Euronext
Ignacio Redondo - General Counsel of the Legal Counselling, CaixaBank, S.A.
Enric Rello - COO and CFO, Oryzon Genomics S.A.
Octavio Viana - President of the Board of Directors, ATM, Portuguese Investors' Association
David Tomic - Senior Equity Analyst, VEB, Dutch Shareholders Association
Giuseppe Zaghini - Senior Policy Expert, Iccrea Banca, Head company of the Italian Co-operative Banking Group


Alfonso Ayuso - Head of Investment and Saving Business Strategy, Banco Sabadell
Henning Bergmann - Managing Director, German Derivatives Association
Jean-François Biernaux - Legal Adviser, Consumer Association Test-Achats
Dominique De Wit - Secretary-General, Crédit Agricole Group
Will Dennis - Managing Director, Association for Financial Markets in Europe
Claire Glaser - Head of risk intelligence for the Protection of interests of Clients - Compliance, BNP PARIBAS
Josina Kamerling - Head of Regulatory Outreach EMEA, CFA Institute
Niels Lemmers - Legal and Public Affairs Director, Dutch Investors’ Association (VEB)
Dorothea Mohn - Head of Union Financial Markets, Federation of German Consumer Protection Organisation
Alain Moreau – Chief Country Officer, Deutsche Bank Belgium
Paola Musile Tanzi - Full Professor of Banking and Finance at Perugia University, Department of Economic
Sheila Nicoll - Head of Public Policy, Schroders
Martin Parkes - Director Public Policy, BlackRock
Franz Rudorfer - Managing Director, Austrian Federal Economic Chamber/Division Bank and Insurance
Josep Soler-Alberti - Chairman, European Financial Planning Association, EFPA, Chief Executive Officer, Institut d’Estudis Financers, IEF
Jakub Stolarczyk - Head of Compliance, Dom Maklerski TMS Brokers S.A.
Agnieszka Wachnicka - Director of the Banking and Capital Market Client Division, Polish Financial Ombudsman


Heike Arbter – Managing Director, Head of Structured Products, Raiffeisen Centrobank AG
Robert Brown - Global CIO, Univest Company, Unilever
Chris Brummer – Professor of Law and Faculty Director, Institute of International Economic Law, Georgetown University Law Center
Valérie Derambure – Deputy CEO, Ostrum Asset Management
Luca Enriques – Professor of Corporate Law, Faculty of Law, University of Oxford
Rui Fernandes – Managing Director, Global Head of Equity Structuring and Product Development, JPMorgan
Sean Flannery – Senior Consultant
Alberto Gallo – Head of Macro Strategies and Portfolio Manager, Algebris Investments
Andreas Hackethal – Dean of Studies, Faculty of Economic & Business Administration, Goethe Universität
Georges Huebner - Professor of Finance, HEC Liège
Eric Larcheveque - CEO, Ledger
Lionel Martellini - Director, EDHEC Risk Institute
Manooj Mistry – Co-head of Index Investing at DWS
Soren Mortensen – Director, Global Financial Markets, IBM
Bénédicte Nollens – Head of Regulatory Affairs, Circle Internet Financial
Robert Palatano – Senior Financial Expert, Coordinator of the Committee on Financial Markets, OECD
Gregg Rapaport - Managing Director, Solutions Division, DTCC
Dirk Ulbricht - Director and Research Associate, Institut für Finanzdienstleistungen
Fabian Vandenreydt – Executive Chairman, B-Hive
Christophe Woods - Managing Director, Head of Index Policy, FTSE
Dirk Zetzsche, Professor of Financial Law, University of Luxembourg
Filippo Zorzoli – Head of EMEAPAC Macro and Global Cross Asset Solutions Sales, Barclays

CEMA Group of Economic Advisers

Barbara Alemanni - Full Professor of Financial Markets and institutions, University of Genoa
Stefano Battiston - Professor at Dept. Banking and Finance of the Univ. of Zurich, Director of the FINEXUS Center for Financial
Networks and Sustainability, University of Zurich
John Cotter - Professor of Finance and Chair in Quantitative Finance, Smurfit School of Business, University College Dublin
Hans Degryse - Research Professor of Finance, KU Leuven
Gabrielle Demange - Directeur d'Etudes at EHESS, Associate Chair Paris School, Paris School of Economics
Manuela Geranio - Adjunct Professor, Department of Finance, Bocconi University
Bjoern Hagstromer - Associate Professor in Finance, Stockholm Business School
Christoph Kaserer - Full Professor and Department Head, Technical University Munich
Maik Schmeling - Professor of Finance, Goethe University Frankfurt
Sylvain Broyer - EMEA Chief Economist, S&P Global
Svetlana Butvina - Director, Risk and Quantitative Analysis, Blackrock
Sean S. Collins - Senior Director of Industry and Financial Analysis, Investment Company Institute and ICI Global
William De Vijlder - Group Chief Economist, BNP Paribas
Alexandra Hachmeister - Chief Regulatory Officer, Deutsche Boerse
Stefan Hofrichter - Head of Global Economics and Strategy, Allianz Global Investors
Dennis McLaughlin - Chief Risk Officer, LCH.Clearnet
Ognian Mihaylov - Chief Risk Officer, Optiver Europe
Andreas Zubrod - Partner Asset Management, KPMG AG



Stuart Corrigall – Head of Product structuring EMEA, BlackRock

Patricia Volhard – Partner, Debevoise & Plimpton

Jean Medernach – Chairman, Investas

Eoin Fitzgerald – Managing Director, Brown Brothers Harriman

Sophie Seignibrard Gueguen – Expert Manager, Senior Structurer, AXA IM Paris

Claude Kremer – Founding partner and Co-Chairman, Arendt & Medernach SA

Snežana Harnik – General Counsel, Compliance officer, NLB Asset Management

Laurence Caron-Habib – Head of Public Affairs, Strategy and Market Intelligence, BNP Paribas Securities Services

Jan Jaap Hazenberg – Head of Product Strategy, NN Investment Partners

Gareth Murphy – Chief Risk Officer, Standard Life Aberdeen

Vincent Ingham – Director, Regulatory Policy, EFAMA

Jean Berthon – President, Better Finance

Matthias Haentjens – Professor of Financial Law, Leiden University

Artur Zapała – Partner, SPCG Law firm

Christina Tarnanidou – Assistant Professor of Commercial & Financial Law – Athens University of Economics and Business, Department of Business Administration

Ana Montero – Senior legal counsel at EMEA Legal Product department, Invesco

Annke von Tiling – Senior Manager, Ebner Stolz Mönning Bachem

Timo Rothovius – Professor of Finance, University of Vaasa, Chair of the Finnish Shareholder Union