Management Board

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its 2020 Work Programme (WP), setting out its priorities and areas of focus for the next 12 months in support of its mission to enhance investor protection and promote stable and orderly financial markets.

The key issue facing ESMA in 2020 is the implementation of its new mandates, and enhanced role, in areas including direct supervision, supervisory convergence, investor protection, relations with third countries, sustainability and technological innovation. This follows the conclusion of the ESAs’ Review, which will involve changes to its mission from 2020, and EMIR 2.2., where ESMA will build its capacity to supervise Third Country Central Counterparties (CCPs) and further promote convergence for EU CCPs. While, in line with its Strategic Orientation 2016-20, it will continue to focus on supervisory convergence, identifying areas for improved consistency of supervisory outcomes across the EU including ensuring standardised, high-quality data and will intensify work on using its data and quantitative analysis across all its activities.

Finally, one key uncertainty for 2020 is the UK’s withdrawal from the European Union and ESMA continues to prepare for both a no-deal Brexit scenario, where it will focus on managing the immediate risks and issues, and the scenario where a withdrawal agreement is in place.

Steven Maijoor, Chair, said:

“2020 will be a transformative year for ESMA when the organisation begins to implement its new mandates following the ESAs Review and EMIR 2.2. These bring new responsibilities in the fields of direct supervision, supervisory convergence, investor protection, relations with third countries, sustainability and technological innovation, and are, I believe, a recognition of how ESMA has met the challenges it has faced since its creation in 2011 and of its capabilities as a regulator and supervisor.

“In tandem to this implementation work, ESMA will continue its focus on promoting supervisory convergence and assessing risks with a continued emphasis on the implementation of MiFID II/MiFIR, tackling the issue of cost and performance of retail investment products and facilitating data-driven supervision.

“All of these changes will place demands on ESMA, its staff and resources, but I am confident that the programme published today provides us with a flexible and adaptable framework within which to meet the challenges posed in managing change while meeting our stability, orderly markets and investor protection objectives.”

During 2020, in addition to implementing ESMA’s new mandates, the key areas of focus under its activities of supervisory convergence, assessing risks, single rulebook and direct supervision will be:

1.    Supervisory Convergence - strengthening the convergence powers based on the new ESMA Regulation, while ensuring consistency in the application of MiFIDII/MiFIR for secondary markets. It will continue its work on the performance and cost of retail investment products, while facilitating the development of its data-driven supervision;

2.    Assessing Risks – publication of its annual statistical report series based on EMIR, AIFMD and MiFID II data and promoting cooperation on risk analysis;

3.    Single Rulebook - contributing to the implementation of the Capital Markets Union, Fintech and Sustainable Finance Action Plans, developing the necessary rules under EMIR 2.2/EMIR Refit and reviewing MIFID II/MiFIR; and

4.    Supervision – ensuring effective supervision of credit rating agencies (CRA), trade repositories (TR), entities under the Securitisation Regulation and SFTR and Tier 2 CCPs under EMIR 2.2, along with the recognition of third-country CCPs.

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.