{"id":18655,"date":"2021-06-04T02:00:00","date_gmt":"2021-06-04T00:00:00","guid":{"rendered":"https:\/\/amafi.dev39.fr\/cmu-european-supervisory-authorities\/"},"modified":"2021-06-04T02:00:00","modified_gmt":"2021-06-04T00:00:00","slug":"cmu-european-supervisory-authorities","status":"publish","type":"post","link":"https:\/\/www.amafi.fr\/en\/cmu-european-supervisory-authorities\/","title":{"rendered":"CMU \u2013 European Supervisory Authorities"},"content":{"rendered":"<p>As part of the Capital Markets Union (CMU) reboot, the European Commission launched a consultation on supervisory convergence and the <em>single rulebook<\/em> with a view to learning the initial lessons from the review of the European Supervisory Authorities (ESAs) conducted in 2019.<\/p>\n<p>AMAFI organised its input (<em><u>AMAFI \/ 21-32<\/u><\/em>) to this discussion around issues specific to ESMA, which has a particularly pivotal role to play in CMU. With this in mind, AMAFI identified several priorities:<\/p>\n<ul>\n<li>Adjust ESMA&rsquo;s remit to integrate the goal of ensuring that European market participants have the competitiveness to respond to the financing challenges facing the EU;<\/li>\n<li>Improve the effectiveness of tools to promote supervisory convergence, including Q&amp;As, which should always be put out to consultation, and the ability to issue <em>no action letters<\/em> with powers equivalent to those issued by US supervisors;<\/li>\n<li>Establish governance arrangements to make sure that the issues connected with decisions taken by the Board of Supervisors are fully measured, including by setting up an <em>Executive Board<\/em> composed of independent members to mitigate national bias and by improving the contribution from <em>Standing Committees<\/em>, which can channel the industry&rsquo;s operational expertise to enhance the work done by ESMA;<\/li>\n<li>Set up recruitment pathways between industry, national supervisors and the European authority to help build understanding of the often fiendishly technical issues that need to be addressed;<\/li>\n<li>Extend ESMA&rsquo;s direct supervisory powers over certain entities whose business is clearly pan-European in scope. However, such an extension can only be considered if it is tied to improvements in how ESMA functions, particularly in terms of governance.<\/li>\n<\/ul>\n<p>In addition to providing feedback to the consultation, which looks to be a fairly formal exercise judging by the format used and other elements, AMAFI will shortly publish a document summarising its suggestions on a matter whose importance must not be underestimated.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As part of the Capital Markets Union (CMU) reboot, the European Commission launched a consultation on supervisory convergence and the [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-18655","post","type-post","status-publish","format-standard","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/posts\/18655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/comments?post=18655"}],"version-history":[{"count":0,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/posts\/18655\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/media?parent=18655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/categories?post=18655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amafi.fr\/en\/wp-json\/wp\/v2\/tags?post=18655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}