International activity


CMVM international activity

Participation in International committees and working groups

ESMA - European Securities and Markets Authority


    • Board of Supervisors

    The Board of Supervisors (Board of Supervisors) heads the works of ESMA and has  final decision-making powers in the adoption of technical standards for regulation and enforcement, opinions, recommendations, guidelines and other actions, including technical advice to European institutions, developed in the context of various groups of specialised work. It also has direct supervisory powers in specific areas (Risk Rating Agencies and Transaction Repositories). The Board of Supervisors is composed of the heads of 28 national authorities. 

    • Management Board

    The Management Board of ESMA is comprised of the Chair of ESMA and representatives of the national authorities, including the CMVM, and the European Commission as an observer, ensures proper performance by ESMA of its mission. The CMVM is represented by the Chairman of the Management Board.

    • Stakeholder Group

    The Securities and Markets Stakeholder Group (SMSG) helps facilitate consultation by ESMA with stakeholders in areas relevant to ESMA’s tasks such as the development of technical standards and guidelines. The SMSG is composed of 30 individuals drawn from across 17 Member States and representing ESMA’s key stakeholder constituencies: academics, consumers, market participants, small and medium-sized enterprises and user of financial services.

    • Supervisory Convergence Standing Committee

    The Supervisory Convergence Standing Committee aims to contribute towards supervisory convergence by assessing the efficiency of Community Law by Member States and in identifying where greater convergence is required in the regulatory and supervisory areas within the securities market.  To this end, it carries out self-assessments and peer reviews whererin the regulatory and supervisory reality of each Member State is compared to a predefined standard.

    • Corporate Reporting Standing Committee - ESMAFIN

    The Corporate Reporting Standing Committee conducts all ESMA's work on issues related to accounting, audit, periodic reporting and storage of regulated information arising from European regulation concerning securities issues.  Said committee monitors the enforcement of IFRS and performs coordination works of the national authorities encharged with implementing said accounting standards.  Furthermore, the ESMAFIN discusses said activity with non-EU jurisdictions and monitors compliance of IFRS via the European Mechanism for Enforcement Coordenation.  

    • European Enforcement Coordination Sessions (EECS)

    THe EECS is a forum wherein all EU National Enforcers of financial information meet to exchange views and discuss experiences of enforcement of IFRSs in each of their jurisdictions. The main purpose of this group is to encourage harmonization and consistency in the application of standards through joint enforcement approach.

    • Corporate Finance Standing Committee

    The Corporate Finance Standing Committee handles regulatory convergence issues of the Prospectus and Transparency Directive and Corporate Governance by drawing up technical advice and guidance for the European Commission as well as recommendations and drafts of technical rules for regulation and execution in order to ensure regulatory convergence in the European Union within said scope.  Furthermore, it analyses the uniform conditions of the prospectuses of third country issuers with that of European prospectus as per the terms and for the purposes of European regulation.  

    • Financial Innovation Standing Committee

    ESMA's Financial Innovation Standing Committee defines methods for protecting retails investors as regards complex financial instruments particularly the relevant marketing.  The purpose is to adopt guidelines that allow for a minimum harmonised approach for marketing of financial products at EU level.

    • Credit Rating Agencies Standing Committee

    Following the revision of Regulation 1060/09 on Risk Rating Agencies carried out in December 2010, ESMA is required to register and supervise Credit Rating Agencies in the EU. Said Committee assists ESMA in the tasks that are committed to it via Regulation 1060/09, proposing guidelines for joint action and ensuring coordination with entities outside the EU, such as iOSCO or third-country supervisors. 

    • Market Integrity Standing Committee

    Said Committee deals with the issues relating to market integrity, namely issues on market abuse and short-selling.

      • Documents of the Market Integrity Standing Committee

    • Secondary Markets Standing Committee

    The Secondary Markets Standing Committee addresses issues on the structure, transparency and efficiency of the secondary securities markets, including the regulated markets of MTFs, systematic internalisers and other trading platforms, covering all types of financial instruments (shares, bonds, derivatives, commodities, etc.).

    • Post-Trading Standing Committee

    The activity of this Committee concerns clearing/central counterparty and settlement of financial instruments.  It also issues opinions and drafts of technical standards for regulation and enforcement to be submitted by ESMA to the European Commission, including matters such as the OTC market regulation of derivatives, the activities of central counterparties, trade Repositories or the development of Target 2 Securities project.

    • Investor Protection & Intermediaries Standing Committee

    The Investor Protection & Intermediaries Standing Committee develops works related with the  activities and investment services offered by financial intermediaries and pays particular attention to investor protection, including the conduct rules for financial intermediaries, the distribution method of investment products, the rules on investment advice and adequacy rules of transactions per customer profile. It also issues opinions and drafts on technical standards, guidelines and recommendations relating to the above services and investment activities. It also promotes the convergence of supervisory actions of the different national authorities in the scope of activities and investment services.

    • Investment Management Standing Committee
    This Committe draws up inter alia, technical execution and regulatory rules on EC Directives and Regulations regarding the investment fund industry.  It also deals with collective investment schemes, covering the harmonised and non-harmonised investment funds activity and proposes regulatory and execution technical rules of the UCITS Directive and AIFM Directive.
    • Committee for Economic and Market Analysis - CEMA

    The Committee focuses essentially on: (i) analysis of financial markets and its development, with special emphasis on the analysis of trends, potential risks and vulnerabilities and the assessing of innovations as they arise in the financial system and its impact on the market; and (ii) impact assessment of existing regulatory proposals or to be made within the ESMA.

    • IT Management and Governance Group

    The Working Group on Information Systems is responsible for the policy of the ESMA information technologies, highlighting the projects that ESMA carries out in conjunction with the national supervisory authorities. The main objectives are heading the pan-European IT projects enabling ESMA and national authorities to fulfill their relevant duties and so too, consultation and advice to ESMA on IT matters.

    Market Data Reporting Standing Committee           

    This ESMA Committee develops works related to transaction reporting issues, positions and storage of data on orders and financial instruments. It aims to strengthen the quality of data reported to European national authorities and trade repositories and fosters supervisory convergence in the areas of competence of national authorities.


    Commodity Derivatives Task Force           

    The main responsibility of the Task Force (TF) is  to monitor and analyse regulatory and industry developments in the field of commodity financial markets. The TF also participates in the European legislative process in the commodity derivatives field and promoting supervisory convergence and manages the co-operation between financial regulators/ESMA and other regulatory and supervisory authorities such as the Agency for the Cooperation of Energy Regulators (“ACER”) and national energy regulators.