The European Securities and Markets Authority’s (ESMA) board of directors has announced that it has extended the terms of its chairman, Steven Maijoor, and its executive director, Verena Ross, for another five years. The decision to extend Maijoor’s term is subject to confirmation by the European Parliament.
ESMA’s board explained that it based its decision to extend the pair on an evaluation of their work over the past five years and the organization’s requirements for the coming years. As ESMA chairman, Maijoor will continue to lead the board, which is the main decision-making body made up of the heads of the European Union’s 28 national securities regulators. Ross remains in charge of the day-to-day management and the implementation of ESMA’s annual work program.
“I am looking forward to further building on our work to enhance investor protection and the stability of EU financial markets,” says Maijoor in a statement. “I also look forward to discussing ESMA’s strategy, including its role in the Capital Markets Union, with the European Parliament.”
“Building the organization has been a fantastic experience and I look forward to continuing to ensure that ESMA runs in an efficient and effective way,” adds Ross in a statement. “This will contribute to implementing the regulatory reforms in the financial markets, particularly through ESMA’s enhanced focus on fostering supervisory convergence.”