ESMA has written to the Commission with proposals on how to strengthen its role in the context of the review of the European System of Financial Supervision (ESFS). It calls for:
- greater consideration, when adopting Level 1 legislation, of the time needed to develop Level 2 measures;
- power to temporarily suspend the application of a rule, such as clearing obligations, where its application could have unintended consequences; and
- a stronger mandate and resources to develop, with national authorities, an IT function that ensures harmonisation and collection of data across jurisdictions.
(Source: Review of ESFS)