We support the objective of greater European market integration and consistent cross-border supervision. At the same time, we emphasize that expansion of ESMA powers should be proportional, clearly linked to concrete cross-border risks and should not lead to duplication of supervisory layers or additional complexity.
In the position paper, we call attention to, among other things:
- clear delineation of duties between ESMA and national supervisors;
- sufficient guarantees of proportionality and legal certainty;
- avoiding overlapping reporting and monitoring obligations;
- maintaining institutional balance within the European legislative and supervisory framework.
In addition, we stress that competitiveness should be an explicit part of ESMA's mandate.
