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Prache is supported by two vice-chairs, also elected yesterday: Judith Hardt, Secretary General of the Federation of European Securities Exchanges (FESE), and Peter de Proft, Director General of the European Fund and Asset Management Association (EFAMA).
Guillaume Prache, Managing Director of EuroInvestors and Chair of ESMA’s SMSG, following his election, said: “I am very pleased to chair ESMA’s Stakeholder Group and my thanks go to its members in electing me. All members of the panel agree on the importance to voice our views on the vast regulatory issues ahead that are on ESMA’s and our agenda as well, especially in these challenging crisis times for Europe. Accompanied by Judith and Peter, I am convinced we will be able to address the interests of all stakeholders concerned.”
Steven Maijoor, ESMA chair, stated: “My congratulations go to Guillaume as well as to Judith and Peter on their election. I look forward to working with them and the other members of the group in the future. The Stakeholder Group is an important forum for ESMA to discuss at an early stage the possible impact of any regulatory changes and regulatory issues that should be on our agenda. I look forward to fruitful discussions with the SMSG under their leadership.”
The SMSG has been set up by ESMA to help facilitate consultation with stakeholders in areas relevant to the tasks of ESMA. The Group is made up of 30 representatives of financial market participants, their employees as well as consumers, users of financial services, small and medium enterprises and academics. The Stakeholder Group can submit opinions and advice to ESMA on any issue related to ESMA’s tasks. The SMSG will be consulted on actions concerning technical standards and guidelines and recommendations. In addition, the Stakeholder Group is expected to notify ESMA of any inconsistent application of European Union law as well as inconsistent supervisory practices in the different European Member States.
The Group will meet at least four times per year, and their advice and opinions will be published on ESMA’s website. The composition of the SMSG is defined by the Regulation establishing ESMA, taking into account professional expertise, appropriate geographical and gender balance. The members of the SMSG were appointed by ESMA’s Board of Supervisors following an open procedure.