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01 December 2017

Verena Ross Keynote Address at ASIFMA Annual Conference 2017

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Ms. Ross focused her remarks on three main areas: the EU regulatory framework and the role of ESMA; the work carried out by ESMA in the context of third country frameworks and how these can be further strengthened; and some of the implications of the EU regulation on Asian firms.

In her address, Ms. Ross touched upon several issues of particular relevance of Asian firms, namely MiFIDII, EMIR and LEI’s. Addressing the implementation on January 3rd of MiFIDII, Ms. Ross said,“Asian-headquartered firms with branches or subsidiaries providing investment services in the EU will be directly subject to the new MiFID requirements. But MiFID II obligations for Asia-based institutions are often indirect, arising by virtue of them dealing with European firms or counterparties on a cross border basis for example.”

I want to emphasise again my belief that while international convergence is difficult it is absolutely necessary. In coordination with the Commission, but also in close cooperation with national regulators, ESMA plays and will continue to play a central role in ensuring that Europe speaks with one single voice vis-à-vis regulators outside the European Union.

ESMA continues its strong commitment to international relations and aims to further intensify regulatory cooperation at the global and regional level. As part of this, I am here to participate tomorrow, alongside the EU Commission, at the second IOSCO EU-Asia Pacific Forum and I look forward to further exchanges with our Asian regulatory counterparts through this and other fora and to continue building trust and day-to-day cooperation.

Full speech


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