European Securities and Markets Authority
ESMA replaced the Committee of European Securities Regulators (CESR) on 1 January 2011. It is one of the three new European Supervisory Authorities (ESAs) set up within the European System of Financial Supervisors.
ESMA works in the field of securities legislation and regulation to improve the functioning of financial markets in Europe, strengthening investor protection and cooperation between national competent authorities.
The idea behind ESMA is to establish a “EU-wide financial markets watchdog”. One of its main tasks is to regulate credit rating agencies, such as Moody’s. In 2010 credit rating agencies were criticized for the lack of transparency in their assessments and for a possible conflict of interest. At the same time the impact of the assigned ratings became significant not only for companies and banks, but also for states.
- "EUROPA – Press Releases – A turning point for the European financial sector". Europa.eu. 1 January 2011. Retrieved 24 April 2011.
- "ESMA". Esma.europa.eu. 1 January 2011. Retrieved 24 April 2011.
- "[ESMA] – Document". Esma.europa.eu. Retrieved 24 April 2011.
- "ESMA [European Securities and Markets Authority]". Esma.europa.eu. Retrieved 24 April 2011.
- European Securities And Markets Authority, ESMA official website
- European Banking Authority, official website
- Regulation (EU) No 1095/2010
- Larosière report
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