The first statement focuses on ESMA's achievements over the last 12 months in the pursuit of its objectives of enhancing investor protection and promoting stable and orderly financial markets in the EU, including its activities in relation to the single rulebook, supervisory convergence, enforcement and financial stability and also looks to the future under ESMA’s 2016-2020 strategy.
"We achieve these objectives in two main ways: by writing the single rulebook for financial markets and then ensuring this rulebook is applied consistently throughout the EU, either by fostering supervisory convergence or through direct supervision of credit rating agencies (CRAs) and trade repositories (TRs)."
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ESMA participates in all colleges of supervisors of the 16 EU CCPs, which play a key role in achieving consistent supervisory practices. As mandated under EMIR, we have also taken the first three decisions to approve changes to the models that CCPs’ use to calculate margins. This approval at EU level is essential in achieving a level playing field for EU CCPs."
"Finally, let me return to the topic of CMU. Ensuring stability and investor protection were the two main drivers of the regulatory response to the financial crisis. However, regulatory reform, as well as building a single rule book, also provides opportunities for integrating EU capital markets. So the consistent implementation of the regulatory reform should be an important building block of the CMU."
As the current Chair of the Joint Committee of the three European Supervisory Authorities, Steven Maijoor gave a further two statements to the ECON: one on the overall work of the Joint Committee between September 2014 and September 2015 and one on the ongoing Joint Committee work under the Regulation on Packaged Retail and Insurance-based Investment Products (PRIIPs).
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