Markets: the AMF calls for more European supervision

Member states’ “declarations of intent” must turn “into tangible political support for harmonized European supervision,” said the Autorité des marchés financiers.

Effective European supervision is “the cornerstone of the Capital Markets Union” and must translate into “more supervisory powers” for the European Securities and Markets Authority (Esma), defended the Markets Authority on Tuesday. financial (AMF).

Member States’ “declarations of intent” must be transformed “into tangible political support for harmonized European supervision” of capital markets, argued the AMF in a position paper published on Tuesday in response to a consultation with the Commission. European meeting held from March to May.

For the French authority, the current European strategy of national “convergence in supervision” has shown its limits and “could not be the only way for the EU to achieve harmonization of supervision at European level in the long term. “.

The French market policeman believes that Esma, which is struggling to play its unifying role at present, must be a priority to “regulate a financial activity, a profession or a type of financial product which previously was not”, for example on ratings and extra-financial services, which may for example relate to environmental assessments, or cryptoassets.

In addition, the AMF believes that activities with “a strong cross-border dimension”, such as European clearing houses, should also be more under the supervision of Esma.

It also calls for “strengthening the European dimension” in the governance of Esma, notably with “an independent board of directors made up of permanent members”.

“It is a question of credibility for the European Authority”, assures the AMF, which finally pleaded for “rationalizing financial regulations” with a “maximum harmonization of European texts” leaving only a minimum of “interpretations. different nationalities ”possible.

The European Commission must take stock of the policy in terms of convergence of surveillance during the fourth quarter of 2021.

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