Key work streams of the European Securities and Markets Authority
ESMA, the lead European securities regulator, has set out its work programme for 2012. Contained with that programme are ESMA’s seven priorities for this year:
- EMIR – on which, see this post.
- Financial consumer protection.
- Harmonisation of supervisory practices.
- CRA Regulation and Supervision – on which, see this post.
- MiFID and Market Abuse Directive review – on which, see this post.
- Alternative Investment Fund Managers Directive – on which, see this post.
- Short Selling Regulation.
Contained within the work programme is ESMA’s summary of its mission:
“On 1 January 2011, the European Securities and Markets Authority (ESMA) was established as an independent EU Authority in order to contribute to safeguarding the stability of the European Union’s financial system. ESMA will achieve this by ensuring the integrity, transparency, efficiency and orderly functioning of securities markets and, at the same time, enhance financial consumer protection. ESMA fosters supervisory convergence amongst securities regulators, creating a single rule book in Europe, and contributes to financial stability, together with the other European Supervisory Authorities (ESAs) through its input to the European Systemic Risk Board (ESRB). Since 1 July ESMA is responsible for the day to day supervision of Credit Rating Agencies (CRAs) in Europe.”
The other two European Supervisory Authorities are the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA)
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