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Standing Committees

Standing Committees and other bodies

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 (except the Market Integrity Standing Committee) also have consultative working groups made up of external stakeholder representatives.

However, the ultimate decision making body of ESMA is the Board of Supervisors, whereas the Management Board deals with the management of the Authority.

In addition to the Standing Committees, the European Markets Infrastructure Regulation (EMIR) established the CCP Supervisory Committee (CCP SC) which is composed of representatives from NCAs supervising CCPs and relevant EU Central Banks of Issue (CBIs), dealing amongst others with EU CCP supervisory convergence and third-country CCP supervision.

CCP Policy Committee

Mandate Chair
  • Develop/update technical/implementing standards, preparing advice to the EC or developing Q&As, Guidelines, Opinions and Recommendations on CCP related matters under EMIR, CCP Recovery and Resolution Regulation (CCPRRR) or under any other EU legislation related to CCPs.
  • Develop reports assessing the implementation, the revision or potential extensions of EMIR or similar reports related to other EU legislation for matters affecting CCPs.
  • Terms of Reference

Klaus Löber, ESMA

Consultative Working Group

Jan Axelsson - Chief Compliance Officer, NASDAQ Clearing AB

Jan Bart de Boer – Board member, ABN AMRO clearing Bank NV

Niels Brab - Head of Group Regulatory Strategy, Government Relations & Political Affairs, Deutsche Boerse

Fernando Cerezetti – Risk Director, ICE Clear Europe

Isabelle Drinkuth - Head of capital Markets Legal Department, Amundi Asset management

Esther Durango Archilla - Head of Governance & Regulation, BME CLEARING

John Fennell - Chief Risk Officer, The Options Clearing Corporation

Pedro Gurrola-Perez - Head of Research, World Federation of Exchanges

Christophe Hemon – CEO, LCH S.A.

Pablo Iglesias-Rodríguez - Senior Lecturer in International Finance Law, University of Sussex

Ulrich Karl - Head of Clearing Services, International Swaps and Derivatives Association, Inc. (ISDA)

Marcus Knappe - Director CCP Risk Management, European Commodity Clearing AG

Rafael Plata - Secretary General, European Association of CCP Clearing Houses (EACH)

Paolo Saguato - Assistant professor of Law, George Mason University Antonin Scalia Law School

Loubna Serrar - Strategic Oversight Clearing Officer, BNP Paribas

Michalis Sotiropoulos - Executive Director, DTCC

Isabella Tirri – Manager, Borsa Italiana Group

Sabrina Wilson - Global Co-Head Futures, Clearing and FX Prime Brokerage, Citigroup (CGML)

Committee for Economic and Markets’ Analysis - CEMA

Mandate Chair
  • 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.
  • Terms of Reference

Carmine Di Noia

Consob, Italy

Consultative Working Group

Manuela Geranio, University of Bergamo, Bocconi university, Academic

Filippo Ippolito, Universitat Pompeu Fabra, Academic

Sylvain Broyer, S&P Global Ratings, Financial market participant

Bernard Delbecque, EFAMA, Financial market participant

Christoph Kaserer, Technical University of Munich, Academic

John Cotter, University College Dublin, Academic

Susanne Gahler, Independent, Financial market participant

George Skiadopoulos, Queen Mary university of London; University of Piraeus, Academic

Bjorn Hagstromer, Stockholm University, Academic

Jose Luis Peydro, Universitat Pompeu Fabra, Academic

Paul Besson, Euronext, Financial market participant

Axel Brabant, LCH SA, Financial market participant

Phil Mackintosh, Nasdaq, Financial market participant

Giovanni Petrella, Catholic University Milan, Academic

Stefan Hofrichter, Allianz Global Investors, Financial market participant

Sean Collins, Investment company institute, Financial market participant

Julio Suarez, AFME, Financial market participant

Joachim Hein, Union Investment, Financial market participant

Commodity Derivatives Task Force - CDTF

Mandate Chair
  • 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.
  • Terms of Reference

Robert Ophèle,


Consultative Working Group

Jason Berry - Director & Head of Trading, Positive Equity

Sara Colmenar - Business Development Manager, BME Group Derivatives

Gerfried Kroemer - Senior Advisor, Shell

Elżbieta Rąbalska - Managing Director, Platts Benchmarks B.V.

Olivier Raevel - Directeur Général Europe, Griffin

M. Nicholas Kennedy - Head of Commodities, Euronext

Nikos Triantafyllidis - Group Financial & Energy Markets Compliance Manager, OMW

Enrico Mandelli - Senior Manager, Derivatives Markets Surveillance, Borsa Italiana

Karl-Peter Horstmann - Head of Markets Regulation, RWE Supply & Trading

Jethro van Hardeveld - Director Regulatory Policy, ICE Endex

Maria Dolores Garcia - Deputy Director of International Regulation, Endesa

Paloma Labaig - Market Regulation Officer, Engie-Electrabel

Cemil Altin - Head of Regulatory Affairs, EDF Trading

Anje Stiers - Senior Political and Regulatory Affairs Expert, European Energy Exchange AG

Berry Goss - Founding Director, Futures Markets Research Associates

Daniela Nigro - Head of Financial and Market Integrity Compliance, Enel SpA

Pablo Villaplana - Chief Operating Officer, OMIClear

Jorg Sperling - Head of Regulatory Reporting Department, EON SE

Corporate Finance Standing Committee - CFSC


Mandate Chair
  • 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.
  • Terms of Reference

Benoit de Juvigny,

AMF, France

Consultative Working Group

Stefan Balazs - Senior Associate at Baker McKenzie Stockholm (Law Firm)

Boris Bartel - Director, Deputy Head of Political, European and International Affairs, Association of German Public Banks

Marco Becht - Professor of Finance, Executive Director and Fellow, European Corporate Governance Institute (ECGI)  

Charlotte Bellamy - Senior Director, Primary Markets, Market Practice and Regulatory Policy, International Capital Market Association   

Jella Benner-Heinacher - Chief Managing Director (Deputy) at DSW, Vice-President at Better Finance

Jose Francisco Estevez - Managing partner at Cremades & Calvo-Sotelo Abogados, Chair of the Better Finance Legal Committee

Gonzalo García-Fuertes Iglesias - Partner at Corporate/Mercantile Law Department at J&A Garrigues, S.L.P.  

Matteo Gargantini - Assistant Professor of European Economic Law, Faculty of Law, Economics and Governance, University of Utrecht

Katarzyna Grodziewicz - Senior Associate (Corporate & M&A Department), CMS, Cameron McKenna Nabarro Olswang

Piet Hemschoote - Partner Standard Assurance Services at EY Réviseurs d’Entreprises SRL

Camille Leca - Chief Operating Officer Listing, Chief Executive Officer Enternext, Head of listing France    

Andreas Meyer - Managing Director and Associate General Counsel, Head of Legal Corporate Finance for Germany       

Jacques Molgo - Deputy Chief Financial Officer, Air Liquide        

Andrea Pane - Deputy Head of Public Affairs

Daniela Peeva - Chairperson, Investor Relations Director, Association of the Bulgarian Investor Relations Directors          

Enric Rello - COO and CFO, Oryzon Genomics S.A.         

Alexander Russ - Attorney at law, RA Kanzlei Dr Alexander Russ in Kooperation with Doralt Seist Csoklich


Corporate Reporting Standing Committee - CRSC

Mandate Chair
  • contributing to and/or monitoring of regulatory developments as well as establishing appropriate supervisory convergence on issues relating to accounting (under International Financial Reporting Standards – IFRS), periodic financial reporting, non-financial reporting, electronic reporting developments and storage of regulated information (in the relevant areas under the CRSC’s remit) as well as audit
  • develop technical advice, guidance and standards.
  • Terms of Reference

Annemie Rombouts,

FSMA, Belgium

Consultative Working Group

Emmanuel Besson – Portfolio Manager, Deux-ville AM, Accounting and Financial Analysis Commission, SFAF (Société Française des Analystes Financiers)

Arjan Brouwer – Chief Accountant, National Office, PwC & Member of Corporate Reporting Policy Group, Accountancy Europe

Tanja Castor – Senior Expert Sustainability Strategy, Integrated Reporting & Sustainable Finance, BASF

Guillermo Cruz Carretero – Financial Reporting Senior Manager, Repsol

Emmanuelle Guyomard – Head of Group Technical Accounting, Sanofi

Scott Winfield Hanson – Director, Public Policy & Regulation, IFAC (International Federation of Accountants)

Ramon Dirk Jubels – Chief Operational Officer, Department of Professional Practices, KPMG Europe, Middle East and Africa (EMA)

Karin Martikainen – Director, Group Finance, UPM-Kymmene

Carole Masson – Partner, Financial Reporting Advisory, Mazars

Javier Mora – Manager, XBRL Spain

Iñigo Olaizola Arguiarro – Head of Planning and Reporting on Non-Financial Information, Iberdrola

Pasi Päällysaho – Senior Manager, Group Accounting, Kemira

Laurence Rivat – Partner, EU Corporate Reporting Policy Leader, Global IFRS Leadership Team, Deloitte

Ezio Santroni – Manager, Accounting Principles and Regulations Competence Center, Eni

Simone Scettri – Assurance Managing Partner, Chairman of the Italian EY Audit Firm, Ernst & Young

Ryan Spiteri – Director Head of EMEA Financial Reporting, BlackRock Asset Management

Stefan Wich – Director Group Accounting - Head of Group Accounting Standards, Merck

Stefano Zambon – Full Professor of Accounting and Business Economics, Department of Economics and Management, University of Ferrara & Secretary General, O.I.B.R. (Italian Foundation for Business Reporting)


Data Standing Committee - DSC

Mandate Chair
  • 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.
  • Terms of Reference

Christopher Buttigieg,

MFSA, Malta


Financial Innovation Standing Committee - FISC

Mandate Chair
  • 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.
  • Terms of Reference

Birgit Puck,

FMA, Austria

Consultative Working Group

Linn Anker-Sorensen - Nordic lead on Decentralized Finance, Tax & law (senior manager), EY Norway 

Jeffrey Bandman - CEO & Founder of Bandman Advisors and BlockAgent, co-Founder & lead for regulatory engangement in GDF, Bandman Advisors, BlockAgent, Global Digital finance, University of Nicosia

Keith Bear - Fellow, Cambridge Judge Business School, Centre for Alternative Finance

Marie Briere - Head of Investor Research Center, Amundi

Michael Coletta - Head of Fintech Innovation & Strategy, London Stock Exchange Group

Desislav Danov - Co-founder and Managing Director, NGO Fintechguardian 

Katherine Foster - Executive Strategy Officer and Climate Finance Lead, Open Earth Foundation

Albert Gallo - Head of macro strategies and portfolio manager, Algebris Investments

Karel Lannoo - Chief Executive Officer, Centre for European Policy Studies

Cecile Nagel - Chief Executive Officer, EuroCCP

Chinedum Nzelu - Global Head of Macro Electronic Trading, JP Morgan

Robert Patalano - Deputy Head of Division, Manager of the Committee on Financial Markets, OECD

Emilie Rieupeyroux - Head of Innovation, Euronext

Neil Ryan - Chief Operations Officer, Corlytics Limited

Christian M Stiefmueller - Senior Adviser, Research & Advocacy, Finance Watch AISBL

Kirsti Suopelto - Head of digitalisation, Finance Finland

James Thewissen - Professor of Finance, Universite Catcholique de Louvain 

Fabian Vandendreydt - Innovation and FinTech advisor, faculty member, FabianVDR Advisory, Motive Partners, ADGM Academy, European Digital Finance Association, Star, CFTE, Applied Innovation Institute, World Business Angle Forum, Genome

Kristjan Verbic - President, Board Member, VZMD, Better Finance

Martin Wagner - Head of Regulatory Affairs and Regulatory Management, Stuttgart Stock Exchange Group

Dirk Zetsche - Professor of Financial law, University of Luxembourg

Investor Protection and Intermediaries Standing Committee - IPISC

Mandate Chair
  • 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.
  • Terms of Reference

 Rodrigo Buenaventura,

CNMV, Spain

Consultative Working Group

Emanuele Marie CARLUCCIO - Full Professor of banking and finance, Bocconi University, Milan

Bartosz DZIEMASZKIEWICZ - Vice-President, Polish Individual Investors’ Association

Claire GLASER, Head of risk intelligence for the Protection of interests of Clients - Compliance, BNP PARIBAS

Gianluigi GUGLIOTTA - Secretary General, ASSOSIM

Arne HERTEL - Head of Capital Markets, German Savings Banks Association

Armin J. KAMMEL - Head of Legal & International Affairs, VOEIG, Member of Board of Directors, EFAMA and Prof (FH) at Lauder Business School Vienna

Katja KIRCHSTEIN - Senior Advisor, DDV

Niels LEMMERS - Legal and Public Affairs Director, Dutch Investors’ Association (VEB)

Sue LEWIS - Trustee Director, The People’s Pension

Sara LINDHOLM MITELMAN - General Counsel, Swedish Securities Dealers Association

Paola MUSILE TANZI - Full Professor of banking and finance, University of Perugia

Satu NOUSIAINEN - General Counsel, Asset and Wealth Management, Nordea Bank

José Ramon OULEGO ERROZ - Lawyer, ADICAE

Rui RIBEIRO - Senior Financial Analyst, Deco Proteste

Belén RICO AREVALO - Head of Compliance, Spain and Portugal, BBVA

Ingo SPEICH - Head of Sustainability and Corporate Governance at Deka Investment

Marc-David WEINBERGER - Lawyer at the Brussels Bar, Research Assistant with the Centre for Private Law of the Université libre de Bruxelles

Richard WITHERS - Head of government relations, Europe-Vanguard Asset Management

Investment Management Standing Committee - IMSC


Mandate Chair
  • 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.
  • Terms of Reference

Derville Rowland,

CBI, Ireland

Consultative Working Group

Christian Ahlers – Policy Officer Team Financial Markets, Federation of German Consumer Organisations

Cosmina Amariei – Researcher, European Capital Markets Institute

Estelle Beretta – Head of Responsible Investment and Governance Private Markets, Asset APG Management

Antonio Blandini – Full Professor of Business Law, Università Federico II, Naples, Italy

Victoria Brown – Managing Director, Aberdeen Standard Investments

Federico Cupelli – Senior Regulatory Policy Advisor, European Fund and Asset Management Association (EFAMA)

Luis Fernão de Moura Torres Souto – Executive Board Member, Square Asset Management - Sociedade Gestora de Organismos de Investimento Coletivo S.A.

Elise Dufour-Olivier – Senior Regulatory Officer, BNP Paribas Asset Management

Olivier Fines – Head of Advocacy and Capital Markets Policy Research EMEA, CFA Institute

Philip Hanssens – Chief Compliance Officer, Europe and Management Company Conducting Officer, Fidelity International - FIL Holdings (Luxembourg) S.A.

Caitriona McCrohan – Head of Legal, UK and Ireland, Vanguard Asset Management, Limited

Jean Medernach – Chairman Investas, PKF Audit & Conseil

Ana Montero – Head of Product, EMEA Legal (Senior Legal Counsel)

Antonella Narducci – Compliance specialist & Head of AML&CTF, FinecoBank SpA

Alberto Ruiz Sedano – Financial Analyst, OCU (Organización Consumidores y Usuarios)

Zöhre Tali – Head of Regulatory, APG Asset Management N.V.

Annke von Tiling – Senior Manager, Warth & Klein Grant Thornton AG

Artur Zapała – Partner, SPCG law firm

IT Management and Governance Technical Committee - MGTC

Mandate Chair
  • work on IT governance, exchange of data & information between NCAs and ESMA
  • Terms of Reference

Nicolas Vasse,



Market Integrity Standing Committee - MISC

Mandate Chair
  • 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.
  • Terms of Reference

Rodrigo Buenaventura,

CNMV, Spain



Post-Trading Standing Committee PTSC

Mandate Chair
  • 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.
  • Terms of Reference

Carmine Di Noia,


Consultative Working Group

Francois Baratte - Senior Industry Affairs Adviser, Association of the Luxembourg Fund Industry (ALFI)

Francisco Béjar - Deputy General Manager, Iberclear

Haroun Boucheta - Head of Public Affairs, BNP Paribas

James Cunningham - Senior Advisor, The Bank of New York Mellon

Adrian Dale - Head of Regulation and Market Practices, International Securities Lending Association (ISLA)

Mauro Lorenzo Dognini - CEO, Monte Titoli

Ondřej Dusílek - CEO, CSD Prague

Anne-Pascale Malréchauffé - Head of Regulatory Strategy & Compliance, Clearstream Banking

Pierre Marsal - Attorney at law, Association Nationale des Sociétés par Actions (ANSA)

Janne Palvalin - Head of Sector & Infrastructure, Nordea Bank

Ilse Peeters - Head of Government Relations,  Euroclear

Corentine Poilvet-Clediere - Head of RepoClear, Collateral and Liquidity Management, London Stock Exchange Group

Christina Tarnanidou - Assistant professor, Athens University of Economics and Business

Marcello Topa - Director EMEA Market Policy & Strategy, Citibank

Andrea Tranquillini - CEO, ID2S

Jan Mark van Mill - Head of Treasury and Trading, APG Asset Management

Melanie Weber - Senior Vice President Clearing Design and Transaction Management, Eurex Clearing

Alexander Westphal - Director of Market Practice and Regulatory Policy, International Capital Market Association (ICMA)

Secondary Markets Standing Committee - SMSC

Mandate Chair
  • 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.
  • Terms of Reference

Robert Ophèle,

AMF, France

Consultative Working Group

Gary Chia-Hsing Li - Saxo Bank A/S, Head of Regulatory Affairs

Mario Muth- Deutsche Bank AG, Head of eFixed Income Sales and Market Structure, Head of Listed Derivatives and Platform Sales, EMEA

Marion Spielmann - DekaBank​, COO Banking

Matthieu Wiltz - JPMorgan Securities plc, Head of Markets & IS Sales for Continental Europe, Head of Markets & IS Sales for Continental Europe
Global Co-Head of Credit, SPG & Public Finance Sales

Stephane Giordano - Société Generale, Managing Director and Head of Regulatory Strategy for Investment Banking, Chairman AMAFI

Beatriz Alonso-Majagranzas - BME, Equity Director

David Howson - Cboe Europe​, President

Henrik Husman - Nasdaq, President Nasdaq Helsinki and Vice President Head of Cash Equities Europe

Sander Schol - BGC Partners / Aurel, Head of Regulatory Strategy for Europe & Asia

Severine Vandelanoite - Deutsche Boerse AG, Senior Vice President, Products and Regulation

Jennifer Keser - Tradeweb, Managing Director, Head of Regulation & Market Structure

Giuseppe Catalano - Company Secretary and Head of Corporate Affairs, Assicurazioni Generali SpA

Daniel Neeteson - Optiver Europe, Corporate Strategist

Simon Gallagher - Euronext, Head of Cash and Derivatives and Member of Extended Managing Board

Poul Kjær - Copenhagen Business School, Associate Professor

Geoffroy Vander Linden - MarketAxess and Trax Netherlands, Country Head

Que Phuong  Dufournet-Tran - IHS MARKIT, Director Trading Services & Analytics, Regulatory Affairs

David Furlong - CEO, Virtu Financial Ireland Ltd.

Cristoph Hock - Union Investment, Head of Multi-Asset Trading

Rebecca Healey - Redlap Consulting, Managing Partner

Supervisory Convergence Standing Committee - SCSC

Mandate Chair
  • 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
  • Terms of Reference

Jos Heuvelman,

AFM, Netherlands


Senior Supervisors’ Forum - SSF

Mandate Chair
  • Provide input, direction and advice on supervisory risks and problems, among others, those of cross-cutting and cross-border nature.

  •  Identify the Union Strategic Supervisory Priorities that NCAs shall take into account when drawing up their work programmes, and provide input, direction and advice on possible follow-up.

  • Overall, promoting continuous discussions and development of an effective EU common supervisory culture, including innovative supervisory tools and methods, as part of a risk-based and outcome focused approach to supervision.

  • Terms of Reference

Jos Heuvelman,

AFM, Netherlands


Coordination Network on Sustainability - CNS

Mandate Chair
  • Promote the coordination of regulatory, supervisory and enforcement initiatives across securities regulators in the EU and across ESMA activities, in the field of sustainable finance.
  • Contributes to all ESMA’s work on sustainable finance matters, in particular in relation to incorporation of ESG factors in the investment advice and disclosure requirements, without duplicating the work of the existing ESMA’s Standing Committees or the Joint Committee.
  • Refer any potential threats that are relevant to ESMA’s objectives of ensuring investor protection, orderly functioning and integrity of financial/commodity markets and to stability, to the relevant Standing Committee.
  • Terms of Reference

Montserrat Martínez, CNMV