National Expertise in Prospectus Supervision for a Strong Europe

Deutsche Aktieninstitut and BDI are concerned about the European Commission's proposal to grant ESMA the power for scrutiny and approval of certain prospectuses. For this reason, they approached the various MEPs together with a position paper before the vote of the EU Parliament. It outlines the importance of maintaining the competences of the National Competent Authorities in this context. Otherwise it is to be feared that via such a transferal of competences, the professional debt market in Europe will be jeopardized. The approval competence of ESMA would trigger inefficiencies in supervision and unnecessary burdens for issuers and the respective National Competent Authority.