Ross moves one step closer to top ESMA position

Verena Ross, currently international director at the UK financial services authority, has moved closer to gaining the top position at European super-regulator, the European Securities and Markets Authority (ESMA).

The European Parliament’s Economic and Monetary Affairs Committee solidly approved the appointment of Ross on 22 March 2011, with 36 votes in favour, 6 against and four abstentions.

In February, Ross was chosen by her peers to head new securities market watchdog ESMA, but her appointment was made subject to Parliamentary approval.

Ross now waits two days until Thursday 24 March to find out whether her appointment is certain.

If it goes through she will head the body for five years, up for renewal once.

The same conditions apply to those appointed to lead Europe’s insurance and banking authorities.

Carlos Montalvo received approval to act as the first executive director for European Insurance and Occupational Pensions Authority (EIOPA), with 33 votes in favour, 4 against and 7 abstentions.

Spaniard Montalvo already serves as secretary-general for the insurance watchdog.

Meanwhile Adam Farkas, nominated to lead the European Banking Authority (EBA), received 38 votes in favour, 4 against and 3 abstentions.

Farkas formerly headed up Hungary’s capital markets regulator PSZAF. He was also previously chief executive of Allianz Bank in that country.

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