ESMA Sends Out Call for Advisers
The European Securities and Markets Authority on Feb. 15 issued a call for volunteers to fill out an 18-member panel to serve for the next two years on its Consultative Working Group, as the current term of its members is about to expire. Representatives of retail investors and users of financial services, financial market participants, and academics have until March 15 to apply to serve as advisers for the organization's Investment Management Standing Committee. The announcement says, "ESMA is very active in the area of investment management and seeks to contribute to the development of a single rulebook and to the strengthening of common supervisory approaches and practices across Member States. The Investment Management Standing Committee (IMSC) of ESMA plays a key role in ESMA's work in this area." It goes on, "ESMA's work relating to the activity of collective investment management covers principally the Directives on Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Fund Managers (AIFMD), as well as the Regulations on Money Market Funds, European Venture Capital Funds (EuVECA), European Social Entrepreneurship Funds (EuSEF) and European Long-term Investment Funds (ELTIFs). IMSC's work with respect to these legal frameworks covers such issues as marketing and distribution, conduct of business, product disclosures and transparency, valuation, eligible assets, asset safekeeping and risk management. In the UCITS context, particular regard is given to investor protection, in line with ESMA's objectives more generally. ESMA also develops technical advice to the European Commission, and prepares technical standards, guidelines and recommendations in relation to the aforementioned legislative acts." ESMA adds, "This call for expressions of interest is open to persons representing any organisation that plays an important role for financial markets in any part of the European Union (EU)."
