Corporate Information

The European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, has reappointed three current members of its Management Board for a further 2½ year term that will begin on 1 October 2019. The members current terms will expire on 30 September 2019.

The members current terms will expire on 30 September 2019. The appointments took place at the Board of Supervisors meeting in Paris on 11 July and are:

·         Robert Ophèle, Autorité des Marchés Financiers (AMF), France;

·         Sebastian Albella-Amigo, Comisión Nacional del Mercado de Valores (CNMV), Spain; and

·         Erik Thedéen, Finansinspektionen (FI), Sweden.

The Management Board, chaired by Steven Maijoor, Chair of ESMA, is responsible for ensuring that the Authority carries out its mission and performs the tasks assigned to it under its founding Regulation. The Management Board now consists of:

·         Steven Maijoor, European Securities and Markets Authority (ESMA);

·         Elisabeth Roegele, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Germany;

·         Sebastian Albella-Amigo, Comisión Nacional del Mercado de Valores (CNMV), Spain;

·         Robert Ophèle, Autorité des Marchés Financiers (AMF), France;

·         Derville Rowland, Central Bank of Ireland (CBI);

·         Gabriela Figueiredo Dias, Comissão do mercado de valores mobiliários (CMVM), Portugal; and

·         Erik Thedéen, Finansinspektionen (FI), Sweden.

Extension of Standing Committee Chairs Terms

The Board of Supervisors also decided to extend the mandate of several standing committee chairs, which were coming to an end in in September 2019, until January 2020. This was done in the context ESMA’s forthcoming work on the implementation of the changes associated with EMIR 2.2 and the ESAs Review which will involve reviewing the Standing Committee

The standing committees and chairs concerned are:

·         Committee for Economics and Markets Analysis - Carmine Di Noia, (CONSOB, Italy);

·         Corporate Finance Standing Committee - Benoît de Juvigny (AMF, France);

·         Corporate Reporting Standing Committee -  Ana Martinez Pina (CNMV, Spain);

·         Market Integrity Standing Committee - Nicoletta Giusto (CONSOB, Italy);

·         Financial Innovation Standing Committee - Jean-Paul Servais (FSMA, Belgium);

·         Investor Protection and Intermediaries Standing Committee – Evert van Walsum (ESMA) interim until new chair appointed;

·         Post-Trading Standing Committee - Robert Ophele (AMF, France);

·         Secondary Markets Standing Committee - Elisabeth Roegele (BaFIN, Germany); and

·         Commodity Derivatives Task Force   Elisabeth Roegele (BaFIN, Germany).

ESMA’s standing committees are expert groups drawn from ESMA staff and the national competent authorities for securities markets regulation in the Member States and are responsible for the development of policy in their respective areas.

The European Securities and Markets Authority (ESMA) has published its Annual Report, which reviews its achievements against its 2018 priorities and objectives in meeting its mission of enhancing investor protection and promoting stable and orderly financial markets in the European Union.

In 2018 ESMA’s key achievements and highlights included its work on:

  • Promoting Supervisory Convergence
    • Brexit preparations including the work of the Supervisory Coordination Network; and
    • Product Intervention Measures – first use of ESMA’s powers to restrict the sale and marketing of CFDs to retail investors and ban binary options;

 

  • Assessing risks to investors, markets and financial stability
    • MiFID II/MiFIR Data Management – successful data collection, processing and analysis with publication of key calculations and data under MiFID II/MiFIR;
    • EU Derivatives Market – first annual report estimate its size at €660 trillion notional;
    • Retail Investment Products – first annual report on costs and returns of UCITS, alternative investment funds and structured retail products;
    • Financial Innovation – provision of advice on initial coin offerings and crypto-assets;

 

  • Completing a Single Rulebook for EU financial markets
    • Securitisation – finalised draft RTS and ITS to implement the new regulatory framework for securitisations and help promote STS securitisations;
    • Post Trading – developed rules on the clearing obligation to ensure a level playing field between covered bonds and securitisation in relation to the Securitisation Regulation;
    • Prospectus Regulation – provided technical advice proposing simplifications aimed at maintaining high levels of investor protection while promoting new financing possibilities;

 

  • Directly supervising specific financial entities
    • Ensuring that credit rating agencies (CRAs) and trade repositories were properly prepared for Brexit including a no-deal scenario; and
    • Enforcement action and fines for breaches of the CRA Regulation by several Nordic banks.

The priorities identified in the 2018 annual work programme were:

  • Supervisory convergence: implementation of MiFID II/MiFIR, Brexit preparation;
  • Assessing risks: enhancing analytical input into ESMA’s operational work;
  • Single rulebook: Securitisation, Prospectus, Money Market Funds and EMIR Review;
  • Direct supervision: supervision of CRAs and TRs and their ancillary activities.