The new European Securities and Markets Authority (ESMA) published an explanatory guide providing an overview of the main elements of ESMA’s functioning.
The document is intended as an explanatory guide providing an overview of the main elements of ESMA‟s functioning. The questions and answers included here may be supplemented with further information as and when further information or queries arise and will be updated on ESMA‟s website. The areas where ESMA is expected to be active coincides with its new powers in resolving disagreements between national authorities; and participating in Colleges of Supervisors and on-site inspections, as well as with the ability to launch a fast track procedure to ensure consistent application of EU law.

The guide is not of a legal nature and it is recommended that any queries which require legal certainty should refer to the Regulation1 establishing ESMA itself or the relevant sector legislation. The internal rules and procedures for ESMA will be adopted by the Board of Supervisors and Management Board in the course of January 2011 and will be added to the website when final.

Full guide