Steven Maijoor, Chair of ESMA, delivered his annual 2015/1349 Statement ECON Hearing with 2015/1348 Annex Statement ECON Hearing to the Economic and Monetary Affairs Committee (ECON) of the European Parliament. The statement looks at ESMA's achievements over the last 12 months in the pursuit of its objectives of enhancing investor protection and promoting stable and orderly financial markets in the EU, including its activities in relation to the single rulebook, supervisory convergence, enforcement and financial stability and also looks forward in the context of ESMA’s 2016-2020 strategy.
As the current Chair of the Joint Committee of the three European Supervisory Authorities (ESAs), for securities (ESMA), banking (EBA), and insurance and occupational pensions (EIOPA), Steven Maijoor gave a further two statements to the ECON: one on the overall work of the Joint Committee between September 2014 and September 2015 2015/1380 Statement ESAs Joint Committee - ECON Hearing with 2015/1381 Annex ESAs Joint Committee - ECON Hearing and one JC 2015 056 Statement ECON Scrutiny session on PRIIPs on the ongoing Joint Committee work under the Regulation on Packaged Retail and Insurance-based Investment Products (PRIIPs).
ESMA issued a revised organigramme which reflects the changes ESMA is making to support the objectives set out in its 2016-2020 Strategic Orientation. The revised structure will take effect on 16 November 2015. The key changes to ESMA’s organigramme are:
- A Supervision Department which will integrate Credit Rating Agencies (CRAs) and Trade Repositories (TRs) supervision. CRA policy work will be integrated into the renamed Investors & Issuers Department, previously Investment & Reporting Division, while TR policy work will remain with the Markets Department;
- A Risk Analysis & Economics Department as the central function for risk assessment and statistical capabilities. The department will develop innovative and practical analytical tools for the purpose of financial stability, investor protection and market functioning and provide a unified overview of, and approach to, data; and
- A new Corporate Affairs Department which will bring together the stakeholder management, communication, internal governance, planning and control functions.