European Securities and Markets Authority
| European Securities and Markets Authority ESMA |
|
|---|---|
 ESMA logo |
|
| English name | European Securities and Markets Authority |
| French name | Autorité européenne des marchés financiers |
| Organization type | European Union Agency |
| status | Establishment of European public law with its own legal personality |
| Seat of the organs | Paris , France |
| Chair | Steven Maijoor |
| founding |
January 1, 2011 |
| www.esma.europa.eu/de | |
The European Securities and Markets Authority (abbreviation ESMA of English European Securities and Markets Authority ) was established with effect from 1 January 2011 by Regulation (EU) 1095/2010 (ESMA Regulation). Commonly it is a successor of the Committee of European regulators for the securities being (English Committee of European Securities Regulators , CESR ) considered, however, in its functions and powers far beyond it. The agency is part of the European System of Financial (English European System of Financial Supervision , ESFS ).
According to Art. 1 Para. 5 Clause 1 ESMA Regulation, the authority based in Paris is responsible for protecting the public interest by promoting short, medium and long-term stability for the economy of the Union, its citizens and companies Effectiveness of the financial system contributes. For this she is u. a. empowered to submit proposals for regulations to the Commission or to take direct action with national authorities and, in special cases, with individual market participants.
tasks
Among other things, ESMA is responsible for the approval of rating agencies . It also plays a role in the implementation of the Alternative Investment Fund Managers Directive (AIFM Directive), which regulates investment funds not covered by the UCITS Directive such as hedge funds , private equity and closed-end funds .
As part of the efforts of the European Commission for greater transparency in derivatives trading , ESMA will in future also be the decision-making body that determines which of the contracts that are already (voluntarily) settled via a central counterparty are generally mandatory to be traded on an exchange . Alternatively, market participants would otherwise be able to use over- the -counter trading (OTC). At the same time, in this context, ESMA and the European Systemic Risk Committee will review which OTC products pose too great a systemic risk so that they will have to be traded on an exchange in the future.
Background and history
The origin of the efforts to regulate securities across Europe was the financial crisis from 2007 . The European Parliament decided to found ESMA on September 22, 2010.
Committee of European Securities Regulators (CESR)
The ESMA "predecessor" Committee of European Securities Regulators (CESR) was established in June 2001 as an independent European Committee of Securities Regulators of the European Commission established. The work of the CESR was supported by a secretariat based in Paris under the leadership of a general secretariat. It was composed of high-ranking representatives from the national securities regulators. CESR advised the EU Commission on the creation of implementation rules that specify framework guidelines in the securities sector. This accelerated the integration of the European securities markets and promoted flexible adaptation of Community law to the changing market structure and practice.
The other Level 3 committees were CEIOPS (Insurance and Pension Fund Supervisors) and CEBS (Banking Supervisors).
See also
- European supervisory authority for insurance and occupational pensions
- European Banking Authority
- European Systemic Risk Board
- Financial market supervision
- International organization of securities regulators
- Financial Instruments Reference Database System
Web links
Individual evidence
- ↑ ESMA homepage ( Memento of the original dated September 5, 2012 on WebCite ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of November 24, 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No. 716/2009 / EC and repealing the decision 2009/77 / EC of the Commission , accessed on June 14, 2013
- ↑ Art. 7 ESMA Regulation
- ↑ Handelsblatt (23 September 2010): Parliament clears the way for EU financial supervision
- ↑ Page of the EU Commission on the AIFM Directive ( Memento of the original from March 17, 2011 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Preliminary request to CESR for technical advice on AIFMD implementing measures (PDF; 324 kB)
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