- Capital markets — European Securities and Markets Authority (ESMA)
The chapter addresses two topics that are crucial to achieving more supervisory convergence in the European Union 27 (EU-27): (1) a more pan-European governance or decision-making structure of the European Supervisory Authorities (ESAs); and (2) more direct supervisory powers to the ESAs, particularly (but not exclusively) to the European Securities and Markets Authority (ESMA). These topics are analysed and discussed within the framework of the Commission's public consultation on the functioning of the ESAs; the Commission proposal of 29 June 2017 for a Regulation on a pan-European Personal Pension Product; the Commission's FinTech consultation of 23 March 2017; and the Commission proposal of 13 June 2017 to amend the European Market Infrastructure Regulation and the ESMA, which aims to introduce a more pan-European approach to central counterparties supervision.
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