ESMA Announces Members Of Its Securities Markets Stakeholders Group as Terms To Expire

Aiming towards the development of a single rule book in Europe, the European Securities Markets Authority appoints 30 new members


The Paris-based independent EU Authority, the European Securities and Markets Authority (ESMA) has announced the members of its Securities Markets Stakeholder Group (SMSG) following its approval by ESMA’s Board of Supervisors, according to an official press release today.

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ESMA Paris HQ [Source: ESMA]
ESMA Paris HQ [Source: ESMA]
The SMSG was set up to facilitate consultation with key financial market stakeholders on all work, as described in the press release, and provides ESMA with opinions and advice on policy aspects of ESMA’s workstreams, and must be consulted on technical standards and guidelines and recommendations.

These newly appointed individuals will begin a term of 2½ years on the 1st of January, 2014 and will replace the current appointed group whose mandate expires on the 31st of December, 2013.

The new SMSG will be composed of 30 individuals drawn from across 17 Member States and representing  constituencies including:

  • Consumer representatives (4)
  • Financial services (5)
  • Financial market participants (10)
  • Financial institution employees (2)
  • Small and medium-sized enterprises (1)
  • Academics (8).

A number of the incoming members have previously served in the first SMSG, and thus noted below by reappointment -where referenced.

In addition, the Stakeholder Group is expected to notify ESMA of any inconsistent application of European Union law, as well as inconsistent supervisory practices in the Member States, thus also serves as a self-checking mechanism within the larger picture of European framework regulatory oversight.

Steven Maijoor, Chair, ESMA
Steven Maijoor, Chair, ESMA

Commenting in the official press release posted on ESMA’s website, Steven Maijoor, ESMA’s Chairman said, “The SMSG makes an important contribution to ESMA’s policy use with timely and valuable input on how our regulatory activities may potentially affect the different users of financial markets. We have enjoyed a very good working relationship with the outgoing members of the SMSG who, as well as contributing their views and experience to our policymaking discussions, have been pioneers in developing the role of their group as part of the new European System of Financial Supervision. I look forward to working with the SMSG’s new members on a host of challenging issues.”

The SMSG meets at least four times a year, and in addition, meets twice with ESMA’s Board of Supervisors. Their advice and opinions are published on ESMA’s website.

Background and Connecting to the Larger Picture

ESMA forms part of the European System of Financial Supervision. This system consists of the European Systemic Risk Board (ESRB) and the three European Supervisory Authorities(ESAs), ESMA based in Paris, the European Banking Authority (EBA) based in London and the European Insurance and Occupational Pensions Authority (EIOPA) based in Frankfurt.

European Supervisory Framwork [Source: ESMA]
European Supervisory Framwork [Source: ESMA]
ESMA is also a voting member of the the ESRB’s General Board, along with the other European Supervisory Authorities, the European Commission, the President and Vice-President of the European Central Bank, the Governors of the national central banks, the Chair and Vice-Chairs of the ESRB’s Advisory Scientific Committee and the Chair of its Advisory Technical Committee, as described on its official website.

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European Market Infrastructure Regulation (EMIR) Laws enacted by the European Parliament and of the Council on the 4th of July, 2012 on OTC derivatives, central counterparties (CCPs) and trade repositories (TRs) (EMIR) entered into force on the 16th of August, 2012.

Cross-border regulatory cooperation has been an important topic as market participants and agencies face the paradoxical challenge of regulatory arbitrage and standardization (and balancing the two), related to applicable rules, both domestically and abroad.

As new regulations have been a subject of discussion since the 2008 recession, market-participants, lobby groupstechnology providers, academics, trade associations, exchanges, and other industries have consulted with regulators and law-makers on numerous occasions in hopes of achieving mutual interests of an orderly market for all, as new rules are approved,  implemented, interpreted and then enforced.

List of SMSG Members for New Term Effective Jan 1, 2014

The following individuals will make up the SMSG for 2½ years commencing on the 1st of January, 2014:


  • Fernando Herrero (ES), Member of the Board, Asociación de Usarios de Bancos, Cajas y Seguros (ADICAE) (Association of the Users of Banks, Savings and Securities).
  • Guillaume Prache (FR), Managing Director, EuroFinUse – reappointment.
  • Lindsey Rogerson (UK), journalist and former Member of the UK Financial Services Consumer Panel.
  • Gabriele Zgubic-Engleder (AT), Chair of the Board, Verein für Konsumenteninformation (VKI) (Austrian Consumer Association) and Head of the Austrian Federal Chamber of Labour.

Users of Financial Services

  • Lubomir Christov (BG), Advisor to Active Consumers
  • Jaroslaw Dominiak (PL), President of the Management Board, Stowarzyszenie Inwestorów indywidualnych (Individual Investors Association)
  • Sari Lounasmeri (FI), CEO, Pörssisäätiö Börsstiftelsen (Finnish Foundation for Share Promotion) – reappointment.
  • Jan Maarten Slagter (NL), Director, De Vereniging van Effectenbezitters (VEB) (Dutch Association of Shareholders)-  reappointment.
  • Giendrius Steponkus (LT), Chairman, Lietuvos Investuotojai(Lithuanian Shareholders Association).

Financial Market Participants

  • Thomas Book (DE), CEO, Eurex Clearing AG – reappointment.
  • Elizabeth Corley (UK), CEO, Allianz Global Investors.
  • Peter De Proft (BE), Director General, European Fund and Asset Management Association (EFAMA)- reappointment.
  • Carmine Di Noia (IT), Head of Capital Markets and Listed Companies, Associazione fra le Società Italiane per Azioni (ASSONIME) (Association of Italian Companies) -reappointment.
  • Krystof Grabowski (PL), Corporate Governance Advisor, Konferencja Przedsiebiorstw Finansowych w Polsce (KPF) (Conference of Financial Companies in Poland).
  • Judith Hardt (BE), Director General, Federation of European Securities Exchanges (FESE) – reappointment.
  • Alexander Justham (UK), CEO, London Stock Exchange.
  • Rene Karsenti (FR), President and Member of the Board, International Capital Market Association (ICMA).
  • Jean-Pierre Pinatton (FR), Chairman of the Supervisory Board, Oddo and Cie – reappointment.
  • Anne Holm Rannaleet (SE), Member of the Advisory Board, IK Investment Partners AB  –reappointment.

Financial Institution Employees

  • Zsolt Nagygyörgy (HU), Head, Magyar Fejlesztési Bank (Hungarian Development Bank) and member of UNI Europa.
  • Chris Vervliet (BE), Senior Risk Manager, KBC Asset Management, and member of UNI Europa.

Small and Medium Enterprises

  • Salvatore Bragantini (IT), SME advisor to Borsa Italia – reappointment.


  • Angel Berges Lobera (ES), Professor of Finance, Universidad Autonoma de Madrid  –reappointment.
  • Marina Brogi (IT), Professor of Capital Markets, University of Rome
  • Pierre-Henri Conac (FR), Professor of Financial Markets Law, University of Luxembourg -reappointment.
  • Jesper Lau Hansen (DK), Professor of Financial Markets Law, University of Copenhagen- reappointment.
  • Niamh Moloney (IE), Professor of Financial Markets Law, London School of Economics -reappointment.
  • Chrystelle Richard (FR), Associate Professor Accounting and Management, ESSEC Business School.
  • Stavros B. Thomadakis (EL), Professor Emeritus in Financial Economics of the National and Kapodistrian University of Athens.
  • Rüdiger Veil (DE), Professor  and  Managing Director ,  Institute for Corporate and Capital Markets Law at the Bucerius Law School, Hamburg.


ESMA’s Board of Supervisors that approved the new SMSG [source: ESMA]
ESMA’s Board of Supervisors that approved the new SMSG [source: ESMA]
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