ESMA welcomes the publication of the ESFS Review Report
The European Securities and Markets Authority (ESMA) has welcomed the publication of the European Commission’s (EC) Report on the operation of the European Supervisory Authorities (ESAs) and the European System of Financial Supervision (ESFS).
The EC’s Report, to the European Parliament and Council, concluded that the ESAs have performed well and made a valuable contribution to re-establishing confidence in the EU financial system.
The Report identifies a number of changes to improve the ESAs’ functioning in the short-term and also includes proposals for possible extensions of the ESAs’ mandates on consumer/investor protection, the enforcement of International Financial Reporting Standards (IFRS), shadow banking and the direct supervision of market infrastructures such as CCPs. However, no legislative changes are proposed for the immediate future.
ESMA will now consider the proposals for short-term improvements contained in the Report. Strengthening the ESFS will help to ensure the protection of investors and stable and transparent markets.
Source: ESMA
Related Posts
ESMA recommends changes to EMIR framework
EBA and ESMA publish Guidelines on suitability assessment for management body members and key function holders
ESMA report proposes to include ETDs in EMIR’s interoperability arrangements for CCPs- ESMA presents methodology for climate risk stress testing and analysis of the financial impact of greenwashing controversies
Brexit: Financial market participants whose activity might be impacted
