FESE has primarily worked with ESMA as they are the ESA focused on financial markets issues and are comprised of the National Competent Authorities that supervise exchanges. Overall, our view of the working of ESMA is quite positive, however, given their increased workload and the impending application of new markets regulation such as MiFID II / MiFIR, we consider that this review is timely in order to ensure that ESMA can fulfil its function properly.

FESE strongly supports the ESAs objective to promote a common supervisory culture and foster supervisory convergence across the EU given its importance to establishing a level playing field and ensuring that legislation is implemented as intended by the legislator. We believe that ESMA’s work on supervisory convergence needs to be strengthened, particularly in respect of diverging supervisory practices across Member States.

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