ESMA responds to European Commission consultation on the ESAs
26 May 2021
The recommendations put forward aim to support the objectives of the Capital Markets Union and further promote and facilitate supervisory convergence across Member States.
The European Securities and Markets Authority (ESMA) has published
its response to the European Commission’s targeted consultation on the
functioning of the European Supervisory Authorities (ESAs).
The response reflects the views of the Board of
Supervisors on some existing issues and limitations that could be
addressed in the ESMA Regulation, and other relevant EU financial
services legislation. This is based on ESMA’s experience in recent
years, as well as its more limited experience on the use of the new
tools and given to it in the last review of the ESAs, which was
concluded in 2019. The recommendations focus on:
- reinforcing ESMA’s approach to supervisory convergence;
- considering the merits of EU level direct supervision;
- building ESMA’s data capabilities;
- ensuring the single rulebook remains fit-for-purpose; and
- alleviating funding issues.
ESMA
© ESMA
