ESMA Chair,Steven Maijoor, Delivers Keynote Speech At ICMA Annual Conference In Berlin

Steven Maijoor, ESMA Chair, today delivered the keynote address at the International Capital Markets Association Annual General Meeting and Conference in Berlin. In the course of his speech he outlined the key elements needed to ensure the success of the EU's regulatory reform agenda:

(excerpt)

"1. The EU single rule book for financial markets needs to be implemented and supervised. Implementing measures like technical standards are needed to ensure that the legislation works in practice and the rules need to be subject to credible supervision; and

2. Supervisory convergence between the 28 EU member states is needed to ensure that the single rule book also results in a truly single EU financial market. Differences in supervision, and regulatory competition, will undermine the achievement of the objectives of stability and investor protection."

While he specifically focused on the issues of financial inducements under MiFID II and collateral liquidity.