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30 August 2013

ESMA publishes SMSG contribution to the ESFS Consultation

ESMA's Securities and Markets Stakeholder Group commented on the Commission's EFSF consultation, making short- and long-term proposals referring in general to all the ESAs, and enclosing a self-assessment.

The SMSG outlined some short-term proposals on the micro-organisation of ESAs, and some long-term proposals on the governance of the ESAs and a simplification of the structure of the ESAs. The document is structured as follows:


  • ESMA’s objectives
  • Scope of some ESMA activities: Regulatory and Implementing Technical Standards (RTS and ITS), breach of Union law and settlement of disagreements
  • ESMA’s powers with respect to investor and consumer protection
  • The peer review
  • Emergency situations
  • Fiscal safeguard clauses
  • ESMA support to SMSG


  • Corporate governance of the ESAs
  • Direct supervisory powers
  • Supervisory architecture: from three to two ESAs?
  • ESAs financing
  • SMSG evaluation of ESMA work (attach report by other sub-group)

The SMSG focuses in the proposals on ESMA, even if many of them deal with all the ESAs.

Its overall evaluation on the functioning of ESMA is positive, given also the resource given and the constraints often imposed by the Level 1 players (EU Commission, Parliament and Council). Also the interaction with stakeholders (including with the SMSG) and the consultation process have been quite effective: areas of improvements are possible on bilateral engagement, consultation process


The conclusions of the SMSG on its self-assessment are that overall the Group has functioned well and has been an active contributor to the work of ESMA. This has manifested itself in both engaged discussions on current market developments, in 14 public opinions, advices and reports as well as some self-initiative reports.

The SMSG further believes that the composition of the Group, where the professional experiences of the members cover several areas of the financial services sector, and the team spirit in which it has operated, has been an important and contributing factor.

In the link below the SMSG sets out the role of the SMSG, analyses its composition, its achievements, its effectiveness and remaining challenges with a view of how the SMSG can continue to provide ESMA with the best value added.

Full contribution


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