ESMA 's role as a gatekeeper
Dear European Securities and Markets Authority,
Under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the following information:
In relation to the 26 May letter from ESMA's interim chair to Commissioner McGuinness, ref: ESMA response to the targeted consultation on the functioning of the European Supervisory Authorities:
On page 5 of that letter, it states: "The role of ESMA as a gatekeeper to the EU
capital market, overseeing and mitigating the potential risks being imported by non-EU entities, could therefore be enhanced."
Please disclose any meeting minutes, phone call transcripts, digital or physical communications, in which Esma's senior staff have discussed how its role "as a gatekeeper to the EU capital market, overseeing and mitigating the potential risks being imported by non-EU entities" could be enhanced. These can be redacted so as not to conflict with
data protection principles.
Yours faithfully,
Lucy McNulty
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ESMA
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References
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1. https://www.esma.europa.eu/data-protection
2. mailto:[email address]
3. mailto:[email address]
Dear Lucy McNulty,
We acknowledge receipt of your message and will get back to you in due course.
Kind regards
Enrico Gagliardi
On behalf of the Document Access Coordinator
Dear Lucy McNulty,
We are writing with reference to your request for access to documents
submitted on 1 July 2021 pursuant to Regulation (EC) No 1049/2001. Your
request pertains to [1]ESMA’s response to the European Commission’s
targeted consultation on the functioning of the European Supervisory
Authorities (ESAs) and, in particular, the letter of ESMA's interim Chair
to Commissioner McGuinness.
Quoting part of this letter (“The role of ESMA as a gatekeeper to the EU
capital market, overseeing and mitigating the potential risks being
imported by non-EU entities, could therefore be enhanced”), you have asked
ESMA to provide you with “any meeting minutes, phone call transcripts,
digital or physical communications, in which Esma's senior staff have
discussed how its role “as a gatekeeper to the EU capital market,
overseeing and mitigating the potential risks being imported by non-EU
entities” could be enhanced”.
As a preliminary point, we would like to note that, overall, the letter
reflects discussions within, and the views of, the ESMA Management Board
and Board of Supervisors on some existing issues and limitations that
could be addressed in the ESMA Regulation, and other relevant EU financial
services legislation. It also aims to support the objectives of the
Capital Markets Union and further promote and facilitate supervisory
convergence across Member States.
Read in the specific context of this letter, the notion of “gatekeeper”
was meant to support the idea that ESMA is well placed to supervise
third-country firms, where the relevant legal framework so provides.
Building on its role for CCPs, investment firms, and CSDs, ESMA is capable
of assuming further responsibilities, if needed. As outlined in [2]ESMA’s
Strategic Orientation 2020-22, openness of the EU financial markets will
continue to be an important goal. Given ESMA’s strengthened mandate as a
result of the ESA review and potential further evolutions of the
legislative framework, interactions with non-EU regulators will become
more frequent, particularly in dealing with issues around equivalence of
regulatory frameworks and in achieving day-to-day supervisory and
regulatory co-operation, including data exchange. Moreover, ESMA works and
will keep working closely with NCAs on the authorisation and supervision
of third country firms to ensure a consistent approach and similar
treatment between the EU and the third country.
In light of the above, kindly note that the only documents in ESMA’s
possession that fall within the scope of your request are the following
publicly available summaries of conclusions:
o [3]Summary of Conclusions (Management Board meeting, 20 April 2021),
ESMA22-106-3357
o [4]Summary of Conclusions (Board of Supervisors meeting, 7 May 2021),
ESMA22-106-3366
o Summary of Conclusions (Board of Supervisor, 20 May 2021). Kindly note
that this document will shortly become available on ESMA’s [5]website.
We trust that this response addresses your request in full.
Your sincerely,
Chrysi Raftogianni
Any email from the European Securities and Markets Authority (ESMA) is
sent in good faith, but shall neither be binding nor construed as
constituting a commitment by ESMA except where provided for in a written
agreement. This email is intended only for the use of the recipient(s)
named above. Any unauthorised disclosure, use or dissemination, either in
whole or in part, is prohibited. If you have received this email in error,
please notify the sender immediately via email and delete this email from
your system.
This communication and any attachments may contain personal information.
ESMA processes personal data in line with Regulation (EU) 2018/1725 and
Decision ESMA40-133-716. For more information, please see ESMA's Data
Protection Statement on [6]https://www.esma.europa.eu/data-protection. In
case of queries, please consult ESMA's Data Protection Officer
([7][email address]). You may also contact the European Data Protection
Supervisor ([8][email address]).
References
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1. https://www.esma.europa.eu/press-news/es...
2. https://www.esma.europa.eu/sites/default...
3. https://www.esma.europa.eu/sites/default...
4. https://www.esma.europa.eu/sites/default...
5. https://www.esma.europa.eu/document-type...
6. https://www.esma.europa.eu/data-protection
7. mailto:[email address]
8. mailto:[email address]