International cooperation

Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA), addressed the EU-Asia Financial Dialogue as part of ASIFMA's Annual Conference 2019 in Tokyo this morning.

The address focused on ​Building the EU Capital Markets Union while fostering global financial markets ​covering topics such as sustainable finance, cryptocurrencies and EU markets supervision, while also focusing on equivalence, ESMA's new supervisory powers over EU entities and third country responsibilities. 

Steven Maijoor, Chair of the European Securities and Markets Authority, has addressed the opening of FESE's 2019 Convention this evening in Dublin.

The opening address focused on the following issues:

  • The challenges of cross-border regulation and supervision
  • Strengthening the EU approach to cross-border regulation and supervision;
  • The equivalence process: closer monitoring, more transparency and consistency; and
  • Brexit and the exchange of secondary market data.

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.

The European Supervisory Authorities (EBA, EIOPA, and ESMA - the ESAs) have concluded a multilateral Memorandum of Understanding (MoU) on cooperation, information exchange and consultation with the EFTA Surveillance Authority. 

This multilateral MoU establishes practical arrangements between the ESAs and the EFTA Surveillance Authority in relation to the adoption of acts by the EFTA Surveillance Authority on product intervention, breach of European Economic Area law, action in emergency situations, mediation, as well as on the adoption of specific opinions, effective within the EEA-EFTA States. The EFTA Surveillance Authority has been vested with the powers to adopt decisions and formal opinions addressed to competent authorities and/or financial market participants and financial institutions in the EEA-EFTA States based on the amended Agreement on the European Economic Area (EEA Agreement) of 30 September 2016.

Notes for Editors:
The EEA Agreement guarantees equal rights and obligations within the Internal Market for individuals and economic operators in the European Economic Area. It provides for the inclusion of European Union legislation covering the four freedoms — the free movement of goods, services, persons and capital — throughout the 31 European Economic Area States.

EFTA Surveillance Authority monitors compliance with the EEA Agreement in Iceland, Liechtenstein and Norway, enabling those Member States to participate in the Internal Market of the European Union. It was established by the EEA Agreement, an international agreement which enables the three EFTA States to participate fully in the European internal (or single) market. The EFTA Surveillance Authority’s role in the EEA-EFTA States mirrors the role of the ESAs in the European Union Member States.