Europe’s newest financial regulator, the European Securities and Markets Authority, is now fit for purpose after a slow start, with the long-awaited appointment of an executive director.
Esma, which was established on January 1 by the European Commission to oversee supervision the region’s securities industry, has named Verena Ross to its most senior position under chairman Steven Maijoor.
Ross is a German national and career-regulator with extensive experience in capital market policy and financial services supervision, following stints at both the UK’s Bank of England and Financial Services Authority. She has also previously appeared in Financial News’s FN100 Women list of the most influential women in European markets.
She joins Esma from the FSA, where she has led its international division since October 2009 and engaged in the debate on reforming the oversight of both European and global financial markets. Ross coordinated the division’s international and European committee work and provided strategic technical advice on EU and policy issues.
The appointment secures a rare senior role for the City of London among Europe’s three new super-regulators.
All three chairman positions in the new bodies have gone to Europeans: Italian Andrea Enria at the European Banking Authority; Maastricht University professor Maijoor at Esma; and Portuguese regulator Gabriel Bernardino at European Insurance and Occupational Pensions Authority.
The EBA is the only one of the three organisations to be based in London.
Ross's appointment follows the EC’s surprise move in January to appoint a little-known Dutch regulator to Esma’s top post. The appointment of Maijoor, a director at the Netherlands Authority for the Financial Markets, as chairman was confirmed by the European Parliament earlier this month. As first executive director, Ross will oversee Esma’s initial development and day-to-day management.
Anthony Belchambers, chief executive of the Futures and Options Association, welcomed the appointment: “Whoever holds the position will have to achieve a difficult balance between satisfying public policy objectives to make the market safe while at the same time making sure the markets can meet the demands of investors.
“Verena is a good appointment to do that. She has lots of common sense and a good strong regulatory background.”
Peter Beales, managing director at the Association for Financial Markets in Europe, said: “This is a good appointment for ESMA. Verena is a well respected regulator who is expert in capital markets and supervision issues. In addition, her international experience will stand her in good stead as international convergence increasingly dominates the financial regulatory agenda.”
Esma was created to replace the Committee of European Securities Regulator, which advised the EC from 2001 to 2010 on policy issues surrounding the securities industry.
The long-awaited appointment of Ross comes as Esma prepares to begin implementing two sweeping pieces of financial regulation in Europe; the updated Markets in Financial Instruments Directive, and the European Market Infrastructure Regulation.
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