Corporate Governance

The ESMA Chair Steven Maijoor delivered today a speech on the quality of corporate governance at the Corporate Governance Conference in Zagreb.

His speech focused on the role of corporate governance to attract retail investors to the financial markets, the EU's Capital Markets Union and the role of ESMA. 

The International Organization of Securities Commissions (IOSCO) and the European Securities and Markets Authority (ESMA) welcome the Opinion of the European Data Protection Board (EDPB) on their administrative arrangement for the transfer of personal data between European Economic Area (EEA) Financial Supervisory Authorities and non-EEA Financial Supervisory Authorities.

Under the European General Data Protection Regulation (GDPR), personal data can be transferred from a EEA country to a third country when appropriate safeguards are provided.  One of the ways to provide the safeguards is by an administrative arrangement between public authorities. In its Opinion, the EDPB considers that ESMA and IOSCO’s administrative arrangement ensures appropriate safeguards when personal data will be transferred pursuant to the arrangement.

The EDPB Opinion is the first of its kind and will enable the continued exchange of enforcement and supervisory information between securities regulators, including under the IOSCO Multilateral MoU, to promote orderly markets and protect investors, while providing the protection of personal data. 

ESMA and IOSCO members who exchange personal data on a regular basis will now take the necessary steps to enter into the arrangement.

Information on shareholder cooperation and acting in concert under the Takeover Bids Directive

The European Securities and Markets Authority (ESMA) has published an update to its statement on practices governed by the Takeover Bid Directive (TBD), focused on shareholder cooperation issues relating to acting in concert and the appointment of board members. The update concerns a change to the Croatian creep-in threshold and secondary threshold in Appendix B. The statement contains a White List of activities that shareholders can cooperate on without the presumption of acting in concert.

The European Securities and Markets Authority (ESMA) has provided a response to the Article 29 Working Party (WP29) public consultation on its Draft Guidelines on Article 49 of Regulation 2016/679.

The response was approved by ESMA’s Board of Supervisors at its meeting on 22 March 2018 and will also be made public by WP29.