Europex welcomes the opportunity to comment on the European Commission’s consultation on the Capital Markets Integration Package. We support reforms aimed at reinforcing the effectiveness, governance and strategic role of the European Securities and Markets Authority (ESMA), while we believe it is crucial to ensure that the supervisory and regulatory framework remains proportionate, efficient, avoids duplication and upholds the principle of subsidiarity.
Europex supports the proposed reforms to ESMA’s governance and mandate. At the same time, we warn against the risk of overlapping responsibilities in the supervisory model for trading venues under which both ESMA and national regulatory authorities would exercise supervisory responsibilities.
