Council of the European Union and European Parliament 24 November 2010, Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC

Also known as

Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishes the European Securities and Markets Authority (ESMA) as a Union body with legal personality, forming part of the European System of Financial Supervision (ESFS), with the objective of protecting the public interest by contributing to the stability and effectiveness of the financial system through consistent regulation and supervision of securities and financial markets across the Union. Key provisions confer upon ESMA powers to develop draft regulatory and implementing technical standards, issue guidelines and recommendations, investigate breaches of Union law, take binding decisions addressed to competent authorities or directly to financial market participants in emergency or settlement situations, and exercise exclusive supervisory powers over credit rating agencies as entrusted by Regulation (EC) No 1060/2009. The Regulation repeals Commission Decision 2009/77/EC establishing the Committee of European Securities Regulators (CESR) with effect from 1 January 2011, with ESMA assuming all tasks, assets, liabilities, and ongoing operations of CESR as its legal successor.AI