Consob: Mosca says that granting ESMA greater powers does not undermine the role of national authorities
(Il Sole 24 Ore Radiocor) - The granting of direct supervisory powers to the European Securities and Markets Authority (ESMA), as provided for in the European Commission’s MiSP package aimed at eliminating fragmentation in the European financial market, will not diminish the role of Consob or other national authorities. This was emphasised by Consob’s Deputy Chair, Chiara Mosca, in her address at the annual meeting with the market. Italia has put forward its candidate for the leadership of ESMA, Commissioner Carlo Comporti, who is in the running against a Danish candidate (Karen Abelskov). According to Mosca, the various national securities regulators “will increasingly have to operate as members of a network sharing the same objective: to ensure the correct and uniform application of the rules, whilst also avoiding distortions caused by over-regulation and gold-plating”.
‘Convergence in supervision remains one of the key drivers for market integration, even in areas that will not be subject to direct European supervision.’
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