EU regulator selects first chair
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The European Securities and Markets Authority, one of the three newly created European Supervisory Authorities, has selected Dutch regulator chief Steven Maijoor as the body’s first chair.
The proposed appointment of Maijoor, the managing director of the Netherlands Authority for the Financial Markets, follows a vote by ESMA’s board of supervisors.
His appointment is subject to approval by the European Parliament.
If approved, he will serve a five year tenure based at ESMA’s Paris headquarters.
ESMA was set up on January 1 alongside the European Banking Authority and the European Insurance and Occupational Pensions Authority in a bid to ensure financial supervision is consistent across Europe.
The UK will have one seat on ESMA, taken by the Consumer Protection and Markets Authority.
Investment Management Association chief executive Richard Saunders told the Treasury select committee in October that it was important the FSA contributed to the set-up of ESMA to make sure the UK was appropriately involved.
Liberal Democrat MEP Sharon Bowles has also written to business secretary Vince Cable warning that as the CPMA is only responsible for some of ESMA’s remit the UK will effectively be under-represented.
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