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