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ESMA – European Securities and Markets Authority

The ESMA - European Securities and Markets Authority is an independent EU Authority that safeguards the stability of the European Union financial system.

DESCRIPTION

The ESMA – European Securities and Markets Authority is an independent EU Authority. The authority strives to safeguard the stability of the European Union financial system. The regulatory body is advancing the protection of investors and encouraging the stable and sound financial markets.

The regulator is achieving the above mentioned by evaluating the risks to investors, markets and financial stability, implementing the single rulebook for EU financial market, encouraging the supervisory convergence and directly monitoring credit rating agencies and trade repositories.

Joint Committee: EBA and EIOPA

Despite fostering supervisory merging among securities regulators, ESMA aims to do the same across financial sectors by closely collaborating with the other European Supervisory Authorities with an experience in the field of banking (EBA), and insurance and occupational pensions (EIOPA).

ESMA forms part of the Joint Committee with the two other European Supervisory Authorities, EBA and EIOPA. Such collaboration is aiming to assure the cross-sectoral consistency. Moreover, it allows to strengthen the joint positions in the region of the supervision of financial conglomerates and other cross-sectoral issues.

The ESMA is independent, while there is also a full accountability in relation to the European Parliament. Full accountability to the Council of the European Union and European Commission also is in place.

Objectives of ESMA – European Securities and Markets Authority

The regulatory body has three key objectives in relation to its mission:

  • Investor protection
  • Financial stability
  • Organized markets

European Securities and Markets Authority (ESMA) is originating from the result of the recommendations of the de Larosière report of 2009. The report called for the launch of the European System of Financial Supervision (ESFS) as a regionalized network. The organization commenced its operations on 1 January 2011. Moreover, such organization was established as a substitute for the Committee of European Securities Regulators (CESR).

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