International activity



​European Securities and Markets Authority

The European Securities and Markets Authority (ESMA) was created on January 1, 2011, in accordance with Regulation (EU) 1095/2010, of the European Parliament and the Council, in place of the former Committee of European Securities Regulators (CESR) and is part of the European System of Financial Supervision (ESFS), with the European Systemic Risk Board (ESRB), the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), as well as the national competent authorities of Member States.

ESMA’s mission is to protect the public interest by contributing to the short, medium and long-term stability and effectiveness of the financial system, for the Union economy, its citizens and businesses, notably through drafting technical standards and contribute to common supervisory practices, having powers to issue opinions to EU institutions and to develop guidelines, recommendations and draft regulatory and implementing technical standards.

Additionally, ESMA exercises direct supervisory powers attributed by sectorial European legislation, such as the supervision of credit rating agencies and trade repositories authorized under EMIR.

Within its responsibilities to promote convergence of supervisory practices, ESMA also has powers to conduct peer reviews to promote a common supervisory culture and good practices, mediate and resolve disputes between competent authorities and cooperate with the ESRB in the field of systemic risk as well as following developments in financial innovation.

CMVM is actively engaged in ESMA’s activity, both through its participation in the Board of Supervisors as well as in ESMA’s standing committees and working groups.