The securities and markets stakeholder group (SMSG), which acts as a conduit between the EU regulatory watchdog and key industry stakeholders, has voiced interest in undertaking its own initiative reports that would feed into ESMA’s own peer review, scheduled for the second half of 2017.
The SMSG has formed a working group of interested members to pursue the matter, led by consumer representative Jean Berthon.
During a steering committee meeting, ESMA chair Steven Maijoor welcomed the initiative, stating that “work on this topic would be of most value to ESMA”.
The SMSG provides ESMA with opinions and advice on its policy work and must be consulted on technical standards and guidelines and recommendations. It can also inform ESMA of any inconsistent application of EU law as well as inconsistent supervisory practices in member states.
The current SMSG is made up of 27 members from a wide cross-section of financial market stakeholders across 13 member states.
The group is currently serving a two-and-a-half year term that began 1 July 2016.