Esma rushes short selling consultation
Tuesday 24 January 2012 - by Andrew.Hickley@gfsnews.com
Setting out its proposed measures for the legislation on Tuesday, Esma admitted that the consultation process is "significantly compressed", with comments needed by 13 February.
In November Esma chairman Steven Maijoor hit out at the huge workload that Esma has in trying to draft the technical standards for the short selling regulation.
Speaking in Brussels, Maijoor admitted that the authority needed at least 12 months to consult and write the technical standards to ensure that the "quality" of legislation is not harmed.
Esma has until the end of March to provide the EC with the finalised requirements which will come into force from November 2012.
Set up in 2011, Esma is required to keep a pan-European watch over securities markets, while also being required to write the technical measures for new securities legislation. However, it is only projected to have 100 employees by the end of 2012, compared to around 4,000 staff at the UK's Financial Services Authority.
Earlier this month, a letter from eight trade associations in the industry called for EU regulation to be delayed to ensure that Esma would be able to conduct more thorough consultations.
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