The positive plenary vote, 555 in favour, 56 against and 81 abstentions, confirms the recommendation given last week by the EP’s economic and monetary affairs committee and Council’s proposal for Ms Ross to take over the Chairmanship of the European Securities and Markets Authority (ESMA).
During the committee hearing organised last week, economic and monetary affairs committee MEPs asked Ms Ross how she planned to improve rule enforcement and ensure a better use of proportionality in rule making. They also about her views on dealing with digital finance and new digital assets as well as the consolidation of EU capital markets and how this would square with the new Basel recommendations.
Questions were also asked on how to tackle economic nationalism which led to scandals such as that of Wirecard but also to difficult situations such as the very proposal of Ms Ross as Council’s preferred candidate. Ms Ross was also asked about whether she considered it necessary to oblige credit rating agencies to up their game on factoring in climate risks into their ratings of fossil fuel industry and whether she would be ready to launch investigations into these agencies’ preparedness to analyse climate related risks. Finally, questions were put about dealing with the shadow banking sector, including outside of the EU and on developing a strategy on cybersecurity.
You can watch the committee hearing again here.
Background
The ESMA Regulation lays down that “The Board of Supervisors [of ESMA] shall draw up a shortlist of qualified candidates for the position of the Chairperson, with the assistance of the Commission. Based on the shortlist, the Council shall adopt a decision to appoint the Chairperson, after confirmation by the European Parliament.”
The Council has informed Parliament that it would appoint Ms Ross, if confirmed by Parliament.