Carlos Tavares elected ESMA Vice-Chairman
11 January 2011
Tavares, the Chairman of the Portuguese CMVM, who already chaired CESR from July to December 2010 and has served as Vice-Chairman since February 2009, will be acting as Chair of ESMA until the elected Chair of ESMA takes office.
At the very same meeting, members of ESMA’s BoS also set up the Management Board (MB) of ESMA by electing its first six members. The Members of the MB are: Karl-Burkhard Caspari, BaFin, Germany; Jean Guill, Commission de Surveillance du Secteur Financier, Luxembourg; Alexander Justham, Financial Ser-vices Authority, UK; Raul Malmstein, Finantsinspektsioon Estonia; Kurt Pribil, Finanzmarktaufsicht, Austria; Fernando Restoy, Comision Nacional del Mercado de Valores, Spain.
The first set of key internal rules and procedures that define how ESMA will function were also adopted. Among these were rules and procedures on issues such as terms of reference for both the BoS and the MB, the decision making process for the adoption of technical standards and guidelines, as well as an HR pack-age, including the code of conduct and a financial set of rules.
ESMA also confirmed today that all existing Level 3 measures issued by CESR remain valid under ESMA in their original status. Following their first meetings today, the governing bodies of ESMA will continue to meet regularly.
© ESMA
