Esma: questions grow as Emir deadline looms

Esma under pressure

Edouard Vieillefond

It's not an easy place for a fledgling supervisor to be. 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