FSA’s Ross secures ESMA nomination

Verena Ross, international director of the FSA, has been nominated by the 27 EU member states to be the first head of the European Securities and Markets Authority (ESMA).

She will take up the role as executive director of the new Europe-wide regulator subject to confirmation by the European Parliament.

The position, in which she will be entrusted with the day-to-day management of ESMA, is for a term of five years, renewable once.

EU nations and the parliament agreed last year to establish ESMA as one of three authorities in London, Paris and Frankfurt to regulate the banking, securities and insurance industries respectively.

None of the chairmen of the three bodies come from the FSA or European Commission, but a slew of current FSA staff have been given senior posts with the new European regulators.

The executive director of ESMA will oversee the management of the authority and prepare the work of the board of the securities regulator, which is tasked with harmonizing market rules across the 27 European member states.

FSA chief executive Hector Sants is on the board of the European Insurance and Occupational Pensions Authority (EIOPA), banking director Thomas Huertas is alternate chairman of the new EU Banking Authority (EBA) and Alexander Justham, the FSA’s director of markets, is on the board of ESMA.

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