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The new SMSG will be composed of 30 individuals drawn from across 18 Member States and representing ESMA’s key stakeholder constituencies – financial market participants (10), employee representatives (1), consumer representatives (8), users of financial services (3), small and medium sized enterprises (2) and academics (6). The new SMSG will feature 15 new members, nine are beginning a second term, and six joined the previous group at later dates and are still in their current term.
The SMSG is established according to ESMA’s founding regulation and facilitates consultation between ESMA and its key financial market stakeholders on its work. The SMSG provides ESMA with opinions and advice on its policy work and must be consulted on technical standards, guidelines and recommendations. Additionally, it can inform ESMA of any inconsistent application of European Union law as well as inconsistent supervisory practices in Member States.
Steven Maijoor, ESMA Chair, said: “The SMSG plays an important role in ESMA’s policymaking discussions, providing us with valuable input on the potential impact our policy and regulatory activities may have on the EU’s financial markets and their users. The broad geographical representation in this SMSG will help ensure that the voices from all markets across Europe are heard, and I believe that this will contribute positively to ESMA’s focus on supervisory convergence. I would like to thank the outgoing members of the SMSG and look forward to working with their successors.”
The SMSG meets at least four times a year, and also meets twice a year with ESMA’s Board of Supervisors.