Towards a genuine single European financial market – the role of regulation and supervision

On 7 June 2018, the European Securities and Markets Authority (ESMA) published a speech given by its Executive Director, Verena Ross. The speech was entitled Towards a genuine single European financial market – the role of regulation and supervision. The main theme of the speech is regulation and supervision of financial services work best when done consistently and in a spirit of close cooperation. In developing this theme Ms Ross pays particular reference to ESMA’s work. Key points in the speech include: for ESMA, supervisory convergence does not mean a one-size fits all approach. It means promoting the consistent and effective implementation and application of the same rules and using sufficiently similar approaches for similar risks. The goal is to strive for comparable regulatory outcomes; supervisory convergence will remain a strategic priority for ESMA over the coming years; the need for supervisory convergence is now even stronger, following the decision of…

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