The three new European Supervisory Authorities were officially established on 1 January 2011: the European Banking Authority in London (EBA), the European Securities and Markets Authority in Paris (ESMA) and the European Insurance and Occupational Pensions Authority in Frankfurt (EIOPA). In the second week of January the nominees for the Chairmen of the three authorities were announced: Andrea Enria (EBA), Steven Maijoor (ESMA) and Gabriel Bernardino (EIOPA) and the appointments were later confirmed in early February. At around the same time, the European Parliament’s ECON Committee held informal pre-hearings with the candidates for the position of Executive Director.

The ESMA Board of Supervisors has recently nominated the FSA’s Verena Ross to the post of Executive Director of ESMA, subject to confirmation by the European Parliament. The Executive Director will be entrusted with the day-to-day management of ESMA. In line with the Regulation establishing ESMA, the Executive Director will serve a term of five years, renewable once. The European Parliament may give this candidate an interesting ride as it is understood that some of the political groupings harbour concerns on the UK securing the post in light of perceived “over-lobbying” in the positioning of candidates and moves to block certain influential figures, notably French, in the new board by an alliance of Member States led by the UK.