ZBB 2026, 172
Enforcement at ESMA
In the aftermath of the financial crisis, the European Securities and Markets Authority (ESMA) was established in 2011 with the mission of enhancing investor protection, promoting orderly financial markets and safeguarding financial stability. In service of that mission, ESMA was granted direct supervisory and enforcement powers. ESMA has used those powers in a variety of ways in the last 15 years. This article examines ESMA’s enforcement role by setting out its mandate and powers, its approach to enforcement, and the steps in the process, before an exploration of the relevant decisions of the Board of Appeal. The article concludes with a brief overview of ESMA’s important convergence work in enforcement.
Contents
- I. Prologue
- II. Setting the scene
- III. The ESMA enforcement process – mandate and approach
- 1. Mandate and powers
- 2. ESMA’s approach to supervision and enforcement
- IV. The ESMA enforcement procedure in detail
- 1. Broad outline
- 2. The Independent Investigating Officer (IIO)
- 3. The Board of Supervisors
- 4. Publication
- V. Summary of ESMA enforcement action
- VI. The Board of Appeal
- 1. BoA decision – Nordic Banks
- 2. BoA decision – Scope Ratings
- VII. ESMA convergence work in enforcement
- VIII. Conclusion
- *
- *)Head of Enforcement Unit, B.A., MSc, LL.M., ESMA, Paris
- **
- **)Senior Legal Officer, B.A., M.A., Enforcement Unit, ESMA, Paris
- ***
- ***)Senior Legal Officer, B.A., LL.M., Enforcement Unit, ESMA, Paris
Der Inhalt dieses Beitrags ist nicht frei verfügbar.
Für Abonnenten ist der Zugang zu Aufsätzen und Rechtsprechung frei.
Sollten Sie über kein Abonnement verfügen, können Sie den gewünschten Beitrag trotzdem kostenpflichtig erwerben:
Erwerben Sie den gewünschten Beitrag kostenpflichtig per Rechnung.
Erwerben Sie den gewünschten Beitrag kostenpflichtig mit PayPal.