Dr. Apostolos Thomadakis’ Post

ESMA Capital Markets Union Position Paper: The European Securities and Markets Authority (ESMA) has published its Position Paper on “Building more effective and attractive capital markets in the EU” which includes 20 recommendations to strengthen EU capital markets and address the needs of European citizens and businesses. ESMA’s recommendations for a well-functioning capital market focus on three dimensions: citizens, companies and the EU regulatory and supervisory framework. The actions proposed in this paper go beyond changes to financial regulation and are thus directed not only to capital market supervisors but also to EU Member States, the European Commission and EU Co-legislators as well as to the financial industry. 👉Read the Paper here: https://lnkd.in/eh73Hes7 #ESMA #CMU #CapitalMarketsUnion #ComplianceInstitute 

European Securities and Markets Authority (ESMA) outlines 20 recommendations aimed at strengthening the capital markets within the EU to better serve citizens and businesses. https://lnkd.in/dT9iZDmD

Yesterday, I had the honor to be invited to speak at the public event for the launch of the ‘Christian Noyer report’ on the relaunching of the Capital Markets Union, #CMU, at the French Ministery of Finance. With key notes by Bruno Le Maire, Christine Lagarde, Kristalina Georgieva and Pascal Donohoe. In a panel with Delphine d’Amarzit, Leena Mörttinen, Danuta Hübner, Emmanuel Duclos, Simon Janin, Raoul Salomon and Marie-Anne Barbat-Layani we talked about the role of supervision. The Autoriteit Financiële Markten welcomes the Noyer report. I stressed that centralisation of supervision is not an objective by itself but a means to contribute to more efficient European capital markets, that can support less fragmentation in order to improve the resilience of the EU. A growth model could be a good way to achieve more integrated supervision, including looking at how and where centralised supervision by European Securities and Markets Authority (ESMA) would be best. A good first start would be to have centralized data supervision at ESMA level, leading to a more simple regulatory process, less compliance costs, IT efficiency and a more comprehensive risk overview. Committed to contribute to the CMU goals.

🇪🇺 𝐈𝐬 𝐄𝐮𝐫𝐨𝐩𝐞 𝐑𝐞𝐚𝐝𝐲 𝐟𝐨𝐫 𝐚 𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧 𝐒𝐄𝐂? 𝐍𝐨𝐭 𝐘𝐞𝐭. The debate around establishing a European Securities and Exchange Commission (#SEC) has intensified, especially after Christine Lagarde’s remarks last year. While the idea of a centralised financial markets supervisor is appealing, my latest article on Global Trading explains why the EU isn’t ready for this leap. Before moving towards a single supervisor, 𝐭𝐡𝐞 𝐄𝐔 𝐦𝐮𝐬𝐭 𝐟𝐢𝐫𝐬𝐭 𝐚𝐝𝐝𝐫𝐞𝐬𝐬 𝐭𝐡𝐫𝐞𝐞 𝐜𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐠𝐚𝐩𝐬: 1️⃣ 𝑹𝒆𝒈𝒖𝒍𝒂𝒕𝒐𝒓𝒚 𝑪𝒂𝒑𝒂𝒄𝒊𝒕𝒚 Not all national competent authorities (NCAs) have the same resources or expertise. Without bridging this gap, harmonised supervision will remain an uphill battle. 2️⃣ 𝑰𝒏𝒕𝒆𝒓𝒑𝒓𝒆𝒕𝒂𝒕𝒊𝒐𝒏 EU laws are interpreted differently across Member States, leading to fragmented regulatory practices and arbitrage risks. Binding guidelines from ESMA could help standardise implementation. 3️⃣ 𝑬𝒏𝒇𝒐𝒓𝒄𝒆𝒎𝒆𝒏𝒕 Even with harmonised rules, enforcement varies. Some NCAs are proactive, while others lag behind, creating disparities in market oversight and discipline. 📊 #Single #supervision - harmonising regulatory practices and enforcement across Member States - should be the EU's immediate focus. Once these gaps are addressed, the path to a centralised European SEC will be smoother, more effective and better suited to support the integration of Europe's capital markets. ECMI - European Capital Markets Institute CEPS (Centre for European Policy Studies)

PUBLICATIONS OF THE WEEK 🏦 European capital markets union: make it or break it Capital markets union has not delivered, but it should be given a last chance, with a focus on supervisory integration. Explore the European Union’s capital markets union (CMU) project by reading Nicolas Veron's latest First glance. https://lnkd.in/eN6r4pz2

https://lnkd.in/e9R2C9hC The Council adopted changes to the EU’s trading rules, which will give investors a better access to the market data necessary to invest in financial instruments and increase the global competitiveness of the EU’s capital markets and ensure a level playing field. The changes concern the Markets in Financial Instruments Regulation (MiFIR) and the Markets in Financial Instruments Directive (MiFID) which together regulate investment services and financial markets activities in the EU. The aim of the new rules is to empower investors, in particular by making consolidated market data easily available at EU level.

📑📃Many reports have been released in recent months on the topic of the #competitiveness of the #EUcapitalmarket, and others will be released shortly. However, today a different report was released because it is the result of the contribution of European Securities and Markets Authority (ESMA) and the #NCA. 🔎A real view from the inside.

📊 **ESMA Annual Report 2023** 📊 The **European Securities and Markets Authority (ESMA)**, the regulator and supervisor of the EU's financial markets, published its **annual report for 2023** on **Friday, June 14**. This report highlights ESMA's main achievements during the first year of implementing its new five-year strategy. ESMA focused on three main pillars: 1. **Strengthening investor protection** 🛡️ 2. **Monitoring risks** 🔍 3. **Supervising financial markets** 📈 ESMA's central objective remains to promote stable and orderly financial markets in the European Union (EU). 🔗 **For more details:** [ESMA in 2023 - Focus on investor protection, risk monitoring and supervision](https://lnkd.in/e3b2hSMi) 🌍 **#ESMA #AnnualReport #Investors #FinancialMarkets #Supervision #Regulation** 🌍

ESMA has released its position paper on the future of the Capital Markets Union. The Board of Supervisors is dedicated to contributing to the enhancement of EU financial markets, aiming to make them more attractive and efficient. #ESMA #CapitalMarketsUnion #EUFinance

You want to know what are securities regulators views on how to boost capital markets in Europe? Read the ESMA recommendations for more effective and attractive capital markets in the EU and listen to the recorded event.