💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UPDATE 1-Dutch regulator named head of EU securities body

Published 01/13/2011, 05:31 AM
Updated 01/13/2011, 05:36 AM

* Has overseen Dutch financial markets since 2004

* Subject to European Parliament confirmation

* Will head one of three new EU financial watchdogs

(Adds Maijoor comment, detail)

AMSTERDAM, Jan 13 (Reuters) - Dutch regulator Steven Maijoor has been chosen to head the European Union's new securities authority, a powerful watchdog with the ability to impose binding financial rules on member states.

The European Securities and Markets Authority (ESMA), based in Paris, was launched on Jan. 1. It is one of three new pan-EU regulatory authorities, the other two tasked with supervising insurers and financial institutions.

Maijoor, a managing director at Dutch financial markets regulator AFM since 2004, was previously responsible for overseeing financial reporting, auditing and integrity issues in Dutch financial markets.

The 46-year-old Dutchman was vice chairman and then chairman of the International Forum of Independent Audit Regulators from 2007-10. He is also a part-time professor at Maastricht University and Amsterdam's VU University.

"ESMA has been given significantly powerful and innovative tools to intensify a network approach to supervision, which will increase investor confidence in Europe's securities markets and will enhance investor protection significantly," Maijoor said.

ESMA, which replaces the Committee of European Securities Regulators, aims to create a single EU rule book on securities legislation and will be responsible for coordinating securities supervisors and adopting emergency measures during a crisis.

ESMA will be working closely with another two new EU supervisory authorities -- the London-based European Banking Authority (EBA) and the Frankfurt-based European Insurance and Occupational Pensions Authority (EIOPA).

Sources close to the matter told Reuters this week that Andrea Enria, a senior official at the Bank of Italy, has been appointed to head the EBA while Portuguese regulator Gabriel Bernardin will head the EIOPA.

All three proposed chairmen will have to take part in confirmation hearings at the European Parliament. (Reporting by Aaron Gray-Block and Greg Roumeliotis; Editing by Sara Webb and Dan Lalor)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.