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Navigating the minefield of the ESA review. ECMI Commentary No. 49 / 27 February 2018

Demarigny, Fabrice and Lannoo, Karel (2018) Navigating the minefield of the ESA review. ECMI Commentary No. 49 / 27 February 2018. [Policy Paper]

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    In its review of the European Supervisory Authorities (ESAs), the European Commission is proposing a radical expansion of the competences of the European Securities Markets Authority (ESMA), but without changing the final decision-making structure of the ESAs. Such a change of scale, creating important new powers for ESMA in capital markets’ supervisory functions for the EU-27, was not expected by most market participants. With the biggest financial centre soon leaving the EU, the review introduces some provisions on future cooperation with third countries but outside any strategic thinking about the competitiveness and attractiveness of the post-Brexit Capital Markets Union (CMU).

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > banks/financial markets
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > ECMI Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 01 Mar 2018 12:05
    Number of Pages: 5
    Last Modified: 01 Mar 2018 12:05

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