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Feedback statement on the ESA consultation

  • European Union Image

28 Jun 2017

On 21 March 2017, the European Commission launched a public consultation on the operation of the European Supervisory Authorities (ESAs), one of which is the European Securities and Markets Authority (ESMA). The consultation document had suggested that the review of the ESAs' operation might also be used to "streamline" the endorsement process in the EU by giving ESMA an "advisory role". The feedback statement now published shows that stakeholders did not share this view.

As had become obvious from publicly available reponses, the stakeholders did not believe that the current arrangements need to be changed. The feedback statement states:

The vast majority of respondents are of the view that there is no reason to change the current endorsement process or the role of EFRAG. EFRAG has been operating successfully under the new governance structure since November 2014 following the implementation of the Maystadt recommendations. These stakeholders believe that strengthening the role of ESMA could be counterproductive as ESMA would consider the standards only from the perspective of investors. A clear separation of powers between standard setting and enforcement should be maintained to avoid conflict of interest.

Please click to access the full feedback statement on the Eunropean Commission's website.

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