It will be recalled that 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”).
The European Securities and Markets Authority has now announced the membership of its market stakeholder group that will help draft regulatory technical standards. The group contains a number of market participants, users of financial services, consumers and academics. Each representative will serve for a two-and-a-half-year term, meaning they will be involved with developing the final standards for the Markets in Financial Instruments Directive (“MiFID”) review and the EMIR. The group is mandated to meet at least four times a year.
Whilst representatives from each of Europe’s three largest stock exchanges are all represented, the large universal banks have been allocated just one seat (held by JP Morgan). None of the industrial companies that use derivatives have been given a seat on the group, however.
Of the 29 members of the group only one - Sally Dewar, a former FSA official -is British. (Three are German, three are Belgian and four are French.)