Steven Maijoor, Chairman of the European Securities and Markets Authority (“ESMA”), gave a speech on 26 May 2011 about the objectives underlying regulatory initiatives and how ESMA will promote these objectives. Mr Maijoor discussed the objectives of transparency, stability and international co-ordination and indicated that:
- ESMA will launch a consultation in July 2011 on the technical advice it is providing to the European Commission on the AIFM Directive; and
- ESMA will publish its views on possible policy options concerning exchange traded funds (“ETFs”) in the next few months. (This follows the April 2011 Financial Stability Board report on ETFs).