Proposal to reform the European Supervisory Authorities sets wrong priorities

From the point of view of Deutsches Aktieninstitut, the proposal of the EU Commission disproportionately extends the competences of the European Securities and Markets Authority (ESMA) without sufficiently addressing the issue of improving ESMA`s governance. Corporate interests also need to be more reflected in ESMA`s activities to ensure that the rules adopted are close to practice. Finally, we also see critical plans to change the financing of ESMA which would further decrease democratic control related to ESMA`s work.