EUROPEAN UNION: ESMA Keynote Speech

Friday March 23 2018

On 20^th March 2018, Steven Maijoor gave a keynote speech addressing the Capital Markets Union (CMU).

ESMA have used the opinion tool to ensure consistency in the granting of so-called pre-trade transparency waivers to trading venues. Like delegation, this is an area where there is a high risk of regulatory arbitrage and where there is a common interest in maintaining a level playing field. The experience ESMA have with opinions in other ESMA areas gives me the confidence that they would be able to deploy the new convergence powers on delegation arrangements in an efficient and proportionate way. This is all without mentioning the benefits that it would bring in terms of supervisory convergence and consistency across the EU.

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