Mr. Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA),
which operates with the involvement of national financial supervisory authorities,
on the invitation of Dr. Károly Szász, President of HFSA, visited Hungary on 16-17
April, 2013.
In the course of his visit Mr. Maijoor met with the management and experts of
the Hungarian Financial Supervisory Authority (HFSA). He also had discussions
with the management of the Ministry for National Economy (MfNE), the National
Bank of Hungary (NBH) and the high-level representatives of relevant Hungarian
capital market stakeholders.
On 17 April, Mr. Maijoor gave a public presentation at HFSA. In his speech Mr.
Maijoor spoke about ESMA’s role within the European System of Financial Supervision
(ESFS), and the upcoming review of the ESFS. The presentation highlighted ESMA’s
objectives, role and regulatory powers in the EU’s securities markets. He outlined
ESMA’s activities aimed at developing a single EU rulebook, achieving supervisory
convergence, creating a level playing field for market participants across the
European Union and ensuring an adequate level of investor protection.
ESMA has direct supervisory responsibility regarding credit rating agencies (CRAs)
in the EU and will also be responsible for trade repositories. In relation to
CRAs ESMA has conducted on-site investigations, through which it has identified
several weaknesses and has set out remedial plans for the CRAs. It has recently
published its second report on its supervision of CRAs.
Consumer protection is one of ESMA’s top priorities. ESMA issues warnings, which
are directly addressed to financial consumers and investors and which are available
in Hungarian on ESMA’s web-site (www.esma.europa.eu).
2013 will bring many challenges for ESMA: a high number of EU regulatory initiatives
will set new tasks for the Authority; the implementation and application of EMIR
(OTC derivatives, central counterparties and trade repositories); work related
to financial stability and the continuous monitoring of market developments.
As a member of the Board of Supervisors of ESMA, HFSA is actively engaged in
the organisation’s work and devotes considerable energy and resources to implementing
and enforcing in Hungary the technical standards prepared by ESMA, and in transposing
ESMA’s Guidelines and Recommendations. In contributing to establishing a common
approach at European level, HFSA also shares its experiences with ESMA in the
area of consumer protection.
Budapest, 17 April, 2013
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European Securities and Markets Authority
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Hungarian Financial Supervisory Authorithy
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Further information to the press:
István Binder Spokesperson
Phone: +361-489-9235
e-mail: sajto@pszaf.hu
website: www.pszaf.hu