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Speech by Verena Ross, ESMA Executive Director at the 2016 Global Capital Markets Conference

The European Securities and Markets Authority’s (ESMA) Executive Director, Verena Ross, today spoke at the ICI Global’s 2016 Global Capital Markets Conference giving a broad ranging view of how ESMA’s work contributes to strengthening Europe’s capital markets.

Ms Ross focused on the importance of capital markets in financing the future and how ESMA’s role will contribute towards achieving this objective. Ms Ross discussed:

  • the revised rules for ensuring quality of execution for client orders and the new transparency regime for bonds under MiFID II;
  • how ESMA’s supervisory convergence work supports the growth of a European capital markets union (CMU); and
  • the latest developments in ESMA’s key, current work-streams for asset management, including, asset segregation under UCITS (Undertakings for Collective Investment in Transferable Securities) and the AIFMD (Alternative Investment Fund Managers Directive), PRIIPs (Packaged Retail and Insurance-based Investment Products), and financial stability around the non-bank financial services industry.