The European Securities and Markets Authority’s (ESMA) Board of Advisors has appointed Giuseppe Vegas as its newest chair for its Market Integrity Standing Committee, whose term is tendered with immediate effect, according to an ESMA statement.
Giuseppe Vegas currently serves as the Chair of Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB), the country’s paramount financial securities regulator. Mr. Vegas’s appointment will be for two years and will end on December 10, 2017, where he will help contribute on the group’s Market Integrity Standing Committee.
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ESMA’s Market Integrity Standing Committee undertakes a variety of work and issues related to market surveillance, enforcement of securities laws, facilitation of cooperation of national authorities, and exchange of information in market abuse investigations. Moreover, the standing committees are expert groups collected from ESMA’s premier staff as well as the national recognized authorities for securities markets regulation in the Member States.
ESMA has been relatively devoid of any major news in Q4 2015, since the publication of its final iteration of its technical standards (TS), which covered a number of integral components of post-crisis financial regulation, i.e. the Markets in Financial Instruments Directive (MiFID II), the Market Abuse Regulation (MAR) and the Central Securities Depositories Regulation (CSDR).
The group’s latest TS aimed to articulate and clarify precisely how the legislation will come into effect for market participants, market infrastructures and national supervisors, a point of confusion earlier for a number of financial service providers that were seeking clarity on the compliance rules.