European Commission consultation on the Review of the European System of Financial Supervision

The EACT has responded to the European Commission consultation on the Review of the European System of Financial Supervision. Our response underlines the urgent need to review the stakeholder representation within the European Supervisory Authorities (ESAs) and in particular the European Securities and Markets Authority (ESMA), in order to allow for more balanced and more relevant stakeholder representation. The EACT expresses its special disappointment with ESMA's repeated failure to appoint corporate treasury representatives to the stakeholder groups, while corporate treasurers have been and will continue to be heavily impacted by financial services legislation.