Michel Barnier spoke at ESMA. He celebrated the creation of the European regulator in Paris and spoke of the challenges ahead. He said these were:
- Effective supervision: he said ESMA is already the supervisor of Credit Rating Agencies (CRAs). He said he would be bringing forward proposals for the fourth Capital Requirements Directive (CRD IV) on 20 July. He also said he hoped to see ESMA become the supervisor of trade repositories soon. He said he still hoped Council and EP would reach agreement on the proposal for a Regulation on OTC Derivatives, Central Counterparties and Trade Repositories (EMIR) before the end of the summer.
- Acting as a rulemaker: he mentioned his hopes for a single European rulebook, and ESMA’s likely powers under EMIR, the Regulation on short-selling and credit default swaps and the review of the Markets in Financial Instruments Directive (MiFID 2).
- Market surveillance.
He noted ESMA has a challenging agenda and currently only 50 staff but that he would do what he could to give it the necessary resources. He finished by stressing ESMA’s independence. (Source: Michel Barnier Speech to ESMA)