Esma: overburdened and under-resourced?

The European Union’s securities markets authority will have to tackle an alphabet soup of new regulations and directives this year – Emir, Mifid and Mifir among them – with a staff smaller than that of Iceland’s national regulator. Can it handle it – and does it have too big a role? Joe Rennison reports


Widely seen as overburdened and under-resourced, the European Securities and Markets Authority (Esma) has kicked off the second year of its life as the subject of a tug-of-war between its friends - who want to see it assume an expansive supervisory role - and its enemies, who would be happy to see its powers shrink.

"The UK government has made it clear it does not support the transfer of supervision from the national to the European Union (EU) level. The priority this year and next is for the

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