Last week the EU’s securities market regulator announced that it had begun to use its convergence powers, which has now been welcomed by RegTech Muinmos.
The European Securities and Markets Authority (ESMA) announced last week that it had identified costs and performance for retail investment products and market data quality as the key starting point for its convergence efforts.
“The new powers represent an important part of the new supervisory convergence toolkit to address market risks that require specific attention and concerted supervisory action in the EU,” said Steven Maijoor, chair of ESMA.
“The selection of costs and performance and data quality will ensure that risks and problems in these two areas are addressed simultaneously by NCAs across the European Union and thereby ensuring greater protection for investors and the orderly functioning of markets.”
Muinmos, the European RegTech leader, welcomed the move.
“There is no doubt this is needed and is welcomed by the sector,” Remonda Kirketerp-Møller, CEO and founder of Muinmos, wrote on LinkedIn. “Under these new powers, ESMA is responsible for identifying priorities to address market risk and thus create greater protection for investors.”
She added, “I look very much forward to seeing more harmonisation across the European Union to maintain an orderly functioning of markets. This is just the beginning towards many more key priorities.”
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