The European Securities and Markets Authority (ESMA) has published the new list of members of its Securities and Markets Stakeholder Group (SMSG) following its approval by its board of supervisors.
The selected individuals begin a 2.5 year term on 1 July 2016 and will replace the group whose mandate expired on 30 June 2016.
The new SMSG will be composed of 30 individuals drawn from across 13 Member States and representing ESMA’s key stakeholder constituencies – financial market participants (10), employee representatives (2), consumer representatives (6), users of financial services (3), small and medium sized enterprises (2) and academics (7). The new SMSG will feature 27 new members. A number of the incoming members have served in the previous SMSG.
The SMSG was established according to ESMA’s founding regulation and facilitates consultation between ESMA and its key financial market stakeholders on its work. The SMSG provides ESMA with opinions and advice on its policy work and must be consulted on technical standards and guidelines and recommendations. Additionally, it can inform ESMA of any inconsistent application of European Union law as well as inconsistent supervisory practices in Member States.
Steven Maijoor (pictured), ESMA chair, says: “ESMA views the SMSG as an essential part of its policy development cycle, providing us with valuable input on the potential impact our policy and regulatory activities may have on the EU’s financial markets and their users.
“The SMSG has played a valuable role in our policymaking discussions and we expect that they will continue to provide valuable input on our work. One area where I believe the SMSG can play a significant role is in contributing to ESMA’s focus on supervisory convergence.
“I would like to thank the outgoing members of the SMSG and look forward to working with their successors.”