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The European Securities and Markets Authority: the beginnings of a powerful European securities authority?

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This article discusses the powers of the newly created European Securities and Markets Authority (ESMA), which took over from the Committee of European Securities Regulators (CESR) on 1 January 2011, as well as its governance and functioning. Although initially modest in size, ESMA will play a significantly more important role than CESR has had in the past in shaping European financial regulation, by virtue of its involvement in regulatory and technical implementing rulemaking and its supervisory powers, which in certain cases allow it to issue binding decisions to competent authorities of Member States and to financial firms directly.

Document Type: Research Article


Publication date: January 1, 2011

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  • Law and Financial Markets Review is a new, independent, English language journal devoted to providing high quality information, comment and analysis for lawyers specialising in banking and financial market issues and to others with interests in legal and regulatory developments affecting the financial markets. Published bi-monthly LFMR contains articles written by leading experts providing a forum for practical guidance on, as well as reflective and topical analysis of, all major jurisdictions, with a particular focus on the interaction between the law and market practice and behaviour.

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