ESMA plans 60% more staff
The European Securities and Markets Authority is planning to expand staff numbers by 60% this year.
Speaking today at the Association of the Luxembourg Fund Industry conference, the chairman of ESMA said the pan-national regulator has ambitious staff expansion plans. The authority, which is based in Paris, also wants changes made to its funding model.
ESMA currently has 100 staff. It plans to increase staff numbers to 160 next year. Steven Maijoor, chairman of the Paris-based authority, called the expansion ‘ambitious’ in light of the additional powers ESMA is being given.
ESMA’s operating budget for this year is €17m. The regulator is part-funded by the European Union. The majority of its budget is sourced from national authorities across Europe. “We are not a substitute for national regulators. If there is more funding for EMSA, there is less for national authorities,” he says.
Maijoor wants the funding model to change. He says the authority should be funded entirely by the European Union.
ESMA replaced the Committee of European Securities Regulators, with the mandate to improve investor protection and ensure financial regulations are implemented consistently across Europe.