EU Securities and Markets Authority (ESMA) (Regulation)

In cep’s view, a centralised EU securities supervision for EuVECA, EuSEF and ELTIF funds by ESMA is not useful unless the applicable law is also harmonised. cep also criticises the fact that centralised supervision of securities prospectuses by ESMA is disproportionate with respect to the Member States. ESMA only needs to take on a purely coordinating function such as by providing guidelines for the national supervisory authorities.