Abstract
This article situates the European Securities and Markets Authority (“ESMA”) within a broader policy context. It explores ESMA’s pro-active use of its direct supervisory and enforcement powers, and reflects on how EU supervisory governance is evolving. The article speculates that although ESMA is still at a fledgling stage with respect to its direct responsibilities, it is strengthening its reputation as a credible, pro-active supervisor, and is becoming an important driver in EU supervisory governance. The article suggests that, over time, ESMA’s influence could result in the greater centralization of supervisory governance at the EU level, but that any such shifts are likely to continue to take place slowly. Further, although there are a number of constraints to ESMA’s operation, the article speculates that none of these are intractable.
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