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