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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.

Martin Moloney,

Central Bank of Ireland

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 or short-selling.

Nicoletta Giusto,

Consob, Italy

Market 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.

Hannelore Lausch,

BaFin, Germany

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.

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.

Edwin Schooling-Latter,


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


Gillian Brown – Director, Rubato Associates Ltd.
Laurence Caron-Habib – Head of Public Affairs, BNP Paribas Securities Services
Ines Cieslok – Vice President, Senior European Counsel, State Street Bank International GmbH
Stuart Corrigall – Head of Product Structuring, BlackRock EMEA
Roberta D'Apice – Head of Legal Office, Assogestioni
Eoin Fitzgerald – Country Manager for Ireland, Brown Brothers Harriman
Susanne van Dootingh – Independent Non-Executive Director
Urban Funered – Director of Public Policy, Fidelity International
Vincent Ingham – Director, Regulatory Policy, EFAMA
Claude Kremer – Partner, Head of Investment Management, Arendt & Medernach
Nicole Montoya – Head of Fixed Income for AXA Asia & UK, AXA IM
Gareth Murphy – Chief Risk Officer, Standard Life Investments, Standard Life Group
Leonhardt Pihl – CEO, Danish Shareholders Association
Gerald Siegmund – CEO, Fame Investments AG
Guilhem Tosi – Senior banker, Société Générale, Corporate & Investment Banking
Matti Turtiainen – Professor of Financial Markets and Financial Markets Services, University of Eastern Finland
Monica Valladares – General Counsel, CaixaBank Asset Management
Patricia Volhard – Partner, Private Funds / Fund Formation, Debevoise & Plimpton


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.



Bertrand Allard - Co-chairman of the Accounting and Financial Analysis Commission; SFAF (Société Française des Analystes Financiers), France
Philip Allen - Chairman, XBRL UK; Member of Financial Reporting Council XBRL Governance Committee, UK
Sofia Bildstein-Hagberg - Senior Adviser for Financial Reporting at Svenskt Näringsliv (Confederation of Swedish Enterprise), Sweden
Hans Buysse - Partner, Clairfield Benelux NV; Deputy Chairman, Belgian Association of Financial Analysts; Member, EFFAS Executive Management Committee; Member, EFRAG Board
Chiara Del Prete - Partner, Italian banking advisory leader, Mazars, Italy
Heiko Ehrcke - Senior Expert, Principles, Policies and Research, Group Accounting, DEUTSCHE TELEKOM AG, Germany
Sylvio Eichhorst - Head of Group Accounting and Taxes at JENOPTIK AG, Germany
Helen Jane Gibbons - Director of United Kingdom Shareholders’ Association, London; Board Member of Better Finance, Brussels
Marius Gros - Professor of Finance and Accounting, University of Bremen
Severine Guffroy - Senior Vice President Accounting – Air France – KLM Group, France
Claes Janzon - Partner, PwC Sweden
Maria Karoliina Kortene - Vice President, Group Accounting and Reporting, UPM-Kymmene Corporation, Finland
Laura López Sotomayor - Head of Financial Compliance, Ferrovial, Spain
Romano Massimo - Head of Group Integrated Reporting and CFO hub, Assicurazioni Generali spa, Italy
Vincent Papa - Director, Financial Reporting Policy for Capital Markets, CFA Institute, UK
Elena Fatima Perez Carrillo - Assistant Professor in Business and Commercial Private Law, Faculty of Ciencias Económicas, University of León, Spain
Chris Spall - Partner, KPMG International Standards Group; Partner, KPMG UK
Andrew Spooner - Deloitte Global Lead IFRS financial instruments; Partner, Deloitte, UK IFRS Centre of Excellence/National Accounting and Auditing group, UK
Leo van der Tas - Global IFRS Leader; Senior Technical Partner, EY, the Netherlands; Part-time Full Professor, the University of Tilburg, the Netherlands
Nicolas Veron - Visiting Fellow at Peterson Institute for International Economics, Washington DC, U.S.A., Senior Fellow, Bruegel, Brussels, Belgium


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 - Partner, Deloitte Paris office
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
Michael Nietsch - Chair of Private Law, EBS University Wiesbaden
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


David Broadway - Investment Operations Lead - The Investment Association
Sara Cresswell - EMEA Securities Division Operational Risk - Goldman Sachs
Ad van Dijk - European Head Regulatory Transaction Reporting - ABN AMRO Clearing Bank N.V.
Andrew Harvey - Managing Director-Europe, Global FX Division - GFMA
Paul Janssens - Programme Director - SWIFT
Hubert Kretschmer - Head of Data Management Functionality - Deutsche Börse AG
Philip Maymann - Market Data Manager - Nordea-Markets
Uwe Meyer - Manager Standardisation and Executive Director ANNA Secretariat - VM Daten
María Antonia Molleda Herrero - Head of Global Corporate Banking Compliance - Santander
Patrick Nagtegaal - Senior Business Application Consultant - APG Asset Management
David Nowell - Head of Industry Relations & Regulatory Compliance - London Stock Exchange Group
Jason Overall - Principal Strategy Technology Analyst - Optiver
Mike Rinker - Functional Legal Head of Trading - Union Asset Management Holding AG
Paul Sedgwick - Director European Regulatory Outreach and Reporting - DTCC Derivatives Repository Ltd
Guillaume de Severac - Global Head of Compliance - Société Générale
Daniel Sörmark - Chief Technology Officer - Nasdaq Clearing
Sallianne Taylor - Global Manager Market Structure & Strategic Relationships - Bloomberg London
Karin Verlinden - Capital Market Initiatives - BNP Paribas CIB
Matthew Vincent - Head of QA and Industry Liaison - GM EMEA Reegulatory Services-CREDIT SUISSE | IB Regulatory Services


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


Christiane Baumgarten - Head of Regulation, Regulatory Services, Market Data and Services, Deutsche Boerse
Robert Brown - Managing Director - Willis Towers Watson
Steven Davies - Partner, EMEA Digital & FinTech leader - PricewaterhouseCoopers
Luca Enriques - Professor of Corporate Law - Faculty of Law, University of Oxford
Rui Fernandes - Managing Director, Head of Equity Structuring and Product Development EMEA - JPMorgan
Sean Flannery - Senior Advisor, International Finance Corporation - World Bank Group
Alberto Gallo - Head of Macro Strategies and Portfolio Manager - Algebris Investments
Andreas Hackethal - Professor of Finance - Goethe Universität
Georges Huebner - Professor of Finance - HEC Liege, University of Liege
Antony Jenkins - Founder & Executive Chairman - 10x Future Technologies
Lionel Martellini - Director - EDHEC-Risk Institute
Mick McAteer - Founder & co-director - The Financial Inclusion Center
Greg Medcraft, Director, Directorate on Financial and Enterprise Affairs - OECD
Manooj Mistry - Head of Passive EMEA - Deutsche Asset Management
Philippe Morel - Senior Partner & Managing Director, Global Head of Capital Markets - Boston Consulting Group
Soren Mortensen - Director, Transformation and Business Development Financial Markets - IBM
Huy Nguyen Trieu - CEO - The Disruptive Group
Joseph Pinto - Global COO - AXA Investment Managers
Angus Scott - Head of Product Strategy and Innovation - Euroclear
Peter Tufano - Peter Moores Dean - Said Business School, University of Oxford
Dirk Ulbricht - Director - Institute for Financial Services
Christopher Woods - Managing Director, Governance, Risk & Compliance - FTSE
Thomas Wulf - Secretary General - EUSIPA, BELSIPA
Filippo Zorzoli - Managing Director, Head of EMEA Rates Sales - Bank of America Merrill Lynch

CEMA Group of Economic Advisers

Barbara Alemanni - Full Professor of Financial Markets and institutions, University of Genoa
Santiago Carbo-Valverde - Prof. of Economics and Finance, Bangor Business School
Paolo Colla - Associate Professor, Bocconi University
John Cotter - Professor of Finance and Chair in Quantitative Finance, UCD Smurfit School of Business
Hans Degryse - Research Professor of finance, KU Leuven
Christoph Kaserer - Full Professor and Department Head, Technical University Munich
Thierry Roncalli - Associate Prof. of Economics, University of Evry
Sean S. Collins - Senior Director, Investment Company Institute
Bernard Delbecque - Senior Director of Economics and Research, EFAMA / Professor of Economics, Université Catholique de Louvain
Alexandra Hachmeister - Chief Regulatory Officer, Deutsche Boerse
Frank Hatheway - Chief economist/Senior Vice President, NASDAQ
Stefan Hofrichter - Head of Global Economics and Strategy, Allianz Global Investors
Ognian Mihavlov - Chief Risk Officer, Optiver Europe
Rhodri Preece - Head, Capital Market Policy, CFA Institute
Christian Schulz - Economist, Director, Citigroup Global Markets Ltd
Elisabeth Waelbroeck-Rocha - Chief International Economist and Senior Director, IHS Markit, Centre for forecasting and modelling excellence
Andreas Zubrod - Chief Risk Officer and Member of the Executive Board, Union Investment

Commodity Derivatives Task Force

Haroun Boucheta – Head of Public Affairs, BNP Paribas Securities Services
Paul Bromley - Finance Director, Amalgamated Metal Trading Limited
Sara Colmenar Rueda - Business Development Manager, BME Group Derivatives
Paolo Fabiano - Head of Global Trading Conformity, Enel Trade
Magnus Haglind - Deputy Head of Nasdaq Commodities, Nasdaq
Karl-Peter Horstmann - Head of Markets Regulation, RWE Supply & Trading GmbH
Olav Hendrik Jozef Houben - Head of Natural Resources, APG-Asset Management
Katy Hyams - Senior Regulatory Counsel, London Metal Exchange
Pietro Laghezza - Head of Energy Trading, UniCredit Corporate & Investment Banking
Gideon McLean - Executive Director-Commodity Operations, Goldman Sachs International-Goldman Sachs International
Olivier Raevel - Head of Commodities Markets, Euronext NV
Jan Richter - Head of Regulatory Affairs & Communications, Powernext
Odile Roy De Puyfontaine - Head of Compliance EMEA & Asia, Vitol
Robert Shimell - Senior portfolio manager responsible for BlackRocks suite of commodity derivative products, BlackRock
Katarzyna Szwarc - Regulatory Analyst, ICE Futures Europe
Nikos Triantafyllidis - Group Financial & Energy Markets Compliance Manager, OMV Aktiengesellschaft
Bernard Valluis - Deputy President ANMF/President European Flour Millers, European Flour Millers Associations (EFM)
Myriam Vander Stichele - Senior Researcher, SOMO (Centre for Research on Multinational Corporations)
Raymond Ward - Senior Advisor Compliance, Cargill
Jaroslaw Ziebiec - Director-Regulated Market Development Office, TGE (Polish Power Exchange)