ESMA becomes operational

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11 Jan, 2011

The Board of Supervisors (BOS) of the European Securities and Markets Authority (ESMA) held its inaugural meeting today.

The meeting consisted of the election of Carlos Tavares as Vice-Chairman of ESMA. Tavares will be acting as the Chair of ESMA until the elected Chair of ESMA takes office. Also during the meeting, the BOS adopted rules and procedures that defined how ESMA will function and set up the Management Board. The ESMA also confirmed that all existing Level 3 measures issued by CESR will remain valid in their original status under ESMA.

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