The new SMSG has been approved by the ESMA and has 30 members representing the ESMA’s key stakeholders; financial market participants (10), employee representatives (2), consumer representatives (6), users of financial services (3), small and medium sized enterprises (2) and academics (7). The new SMSG will feature 27 new members. A number of the incoming members have served in the previous SMSG.
The objectives of the SMSG are to facilitate consultation between ESMA and its key financial market stakeholders and to provide advisory support to the ESMA. The SMSG must be consulted with regard to ESMA’s development of technical standards, guidelines and recommendations. In addition, the SMSG can inform the ESMA of any inconsistent application of European Law as well as inconsistent supervisory practices in Member States.
The SMSG meets at least four times a year, and also meets twice a year with the ESMA’s Board of Supervisors. Their advice and opinions are published on ESMA’s website.
List of SMSG Members: www.esma.europa.eu/SMSG
ESMA Website: www.emsa.europa.eu
Read more about Professor Dr. Rüdiger Veil and the Institute for Corporate and Capital Markets Law.
