On 22 February 2011, the Board of Supervisors of ESMA nominated Verena Ross for the post of ESMA’s first Executive Director, subject to confirmation by the European Parliament. The Executive Director is entrusted with the day-to-day management of ESMA and will serve a term of five years, renewable once.
Verena Ross, a German national, is currently Director of the International Division at the Financial Services Authority (the “FSA”) in the UK. This Division carries out the FSA’s international work including the co-ordination of its EU and international committee work and provides strategic technical advice on EU and international policy issues.
Verena Ross is also a member of the FSA's Executive and Executive Policy and Risk Committees. Prior to this role, Ms Ross was the Director of the FSA's Strategy and Risk Division and Head of Market Infrastructure.
ESMA is an independent EU Authority established on 1 January 2011 under the EU Regulation No. 1095/2010 as published on December 15, 2010, in the Official Journal of the European Union. ESMA contributes to safeguarding the stability of the European Union’s financial system by ensuring the integrity, transparency, efficiency and orderly functioning of securities markets, as well as enhancing investor protection.
In particular, ESMA fosters supervisory convergence both amongst securities regulators, and across financial sectors by working closely with the other European Supervisory Authorities competent in the field of banking (EBA), and insurance and occupational pensions (EIOPA).