The European Securities and Markets Authority (ESMA) has named a new Securities Markets Stakeholder Group composed of 30 individuals drawn from across 17 Member States. The Gorup represents ESMA’s key stakeholder constituencies of consumer representatives; users of financial services; financial market participants; employees of financial institution and small and medium sized enterprises; and academics.
The Stakeholder Group was set up to facilitate consultation with key financial market stakeholders on all aspects of ESMA’s work. It provides ESMA with opinions and advice on policy workstreams and must be consulted on technical standards and guidelines and recommendations. In addition, the Stakeholder Group is expected to notify ESMA of any inconsistent application of European Union law as well as inconsistent supervisory practices in the Member States. ESMA Chair Steven Maijoor has noted that the Group makes an important contribution to ESMA’s policy development by providing timely and valuable input on how ESMA regulations may potentially affect the different users of financial markets.