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ESMA appoints Marie-Anne Barbat-Layani and Christopher P. Buttigieg as the new members of its Management Board and renews Armi Taipale’s mandate
ESMA appoints Marie-Anne Barbat-Layani and Christopher P. Buttigieg as the new members of its Management Board and renews Armi Taipale’s mandate
About ESMAManagement BoardThe European Securities and Markets Authority (ESMA), the European Union’s financial markets regulator and supervisor, has appointed Marie-Anne Barbat- Layani of Autorité Des Marchés Financiers (AMF), France and Christopher P. Buttigieg of Financial Services Authority (MFSA) Malta, as the new members of its Management Board. The Board of Supervisors has reappointed Armi Taipale of Finanssivalvonta (FIN-FSA) Finland, for a second mandate.
The new members are replacing Vasiliki Lazarakou of Ελληνική Επιτροπή Κεφαλαιαγοράς (HCMC) Greece, and Jos Heuvelman of Autoriteit Financiële Markten (AFM), the Netherlands whose mandates are ending on 31 December 2025.
The election took place at the Board of Supervisors meeting on 10 December 2025.
From 1 January 2026, the Management Board will consist of:
- Verena Ross, European Securities and Markets Authority (ESMA);
- Ante Žigman, Hrvatska agencija za nadzor financijskih usluga (HANFA), Croatia
- Armi Taipale, Finanssivalvonta (FIN-FSA), Finland
- Marie-Anne Barbat- Layani, Autorité Des Marchés Financiers (AMF), France
- Thorsten Pötzsch, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Germany
- Carlo Comporti, Commissione Nazionale per le Società e la Borsa (CONSOB), Italy
- Christopher P. Buttigieg Financial Services Authority (MFSA), Malta
- Natasha Cazenave, ESMA Executive Director (non-voting member)
- Vojtěch Belling, ESMA Vice-Chair (observer)
- European Commission representative (non-voting member).
The Management Board, chaired by Verena Ross, Chair of ESMA, is responsible for ensuring that the Authority carries out its mission and performs the tasks assigned to it under its founding Regulation.
Further information:
Solveig Kleiveland
Team Leader - Communications
press@esma.europa.euESMA Chair Verena Ross to step down at the end of her current term
ESMA Chair Verena Ross to step down at the end of her current term
About ESMAThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today announces that its Chair, Verena Ross, has decided to not renew her term as Chair for a second mandate.
She will remain fully committed to ESMA and continue her work as ESMA’s Chair until the end of her contract on 31 October 2026.
ESMA will now launch the process for selecting a new Chair.
Further information:
Solveig Kleiveland
Team Leader - Communications
press@esma.europa.euESMA announces supervisory expectations for the management body in the form of 12 high level principles
ESMA announces supervisory expectations for the management body in the form of 12 high level principles
Credit Rating AgenciesSupervisionThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its Final Report on the Supervisory Expectations for the Management Body, outlining ESMA’s expectations for the management bodies of the entities under its supervision.
12 high-level principles to guide supervised entities
The 12 high-level principles are directed at entities supervised by ESMA and those looking to obtain an ESMA license. They are designed to set out ESMA’s core expectations in the form of outcomes. This is in line with ESMA’s goal to be a principle-based and outcome-focused supervisor.
The principles aim to foster the ongoing supervisory dialogue between ESMA and supervised entities in the context of the effectiveness of their governance and oversight. Each serving as an overarching framework, the principles allow entities to design individual approaches tailored to their circumstances driven by their nature, scale and complexity.
A management body plays a key role in the oversight of a financial services firm as it monitors its business strategy and the management of corresponding risks. ESMA’s supervisory expectations are intended to support firms and their directors by setting out the outcomes we are looking to achieve whilst allowing for flexibility in the ways they are reached.
Next steps
While primarily directed at entities currently supervised by ESMA, the report is also relevant to entities considering applying for ESMA registration and authorisation.
As the next step, ESMA’s supervisory teams will be integrating the 12 high-level principles into supervisory priorities over the course of 2026. We will look to engage with supervised entities on implementing the principles in a practical way. This should contribute to a strengthened oversight by the management bodies.
Further information:
Tayfun Yilmaz
Communications Officer
press@esma.europa.eu10/12/2025 ESMA71-545613100-2825Supervisory expectations for the management body - factsheet 15/10/2025 ESMA84-2131909211-9912Final Report on Supervisory Expectations for the Management Body ESMA welcomes Commission’s ambitious proposal on market integration
ESMA welcomes Commission’s ambitious proposal on market integration
About ESMAPress ReleasesThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, welcomes the European Commission’s legislative proposal on market integration and supervision published today. The package represents a major step towards deeper and more efficient EU capital markets and reflects many of the recommendations set out in ESMA’s 2024 Position Paper on building more effective and attractive capital markets in the EU.
The proposal directly addresses fragmentation stemming from divergent national rules and supervisory practices. By removing barriers in trading, post-trading and asset management, and by enabling more harmonised supervision, the package will help market participants operate more seamlessly across the Single Market and support scale, efficiency and better outcomes for investors and businesses. We also welcome the strong focus on streamlining regulatory requirements, reducing administrative burden, and facilitating innovation. All of this will enhance the competitiveness and agility of EU capital markets.
A key element of the package is the proposed transfer of direct supervision of certain significant cross-border infrastructures and crypto-asset service providers to the EU level. ESMA stands ready to take on these specific responsibilities, drawing on almost 15 years of growing experience supervising diverse and selective parts of our capital markets.
This proposal represents a shift in supervision for a limited subset of our capital markets, in which ESMA would work hand in hand with the National Competent Authorities (NCAs) to develop the capacity and expertise to take on such new responsibilities. At the same time, for the broader market that remains under national supervision, coordinating supervisory standards and achieving aligned outcomes across the EU remains a key priority. This would be reinforced for example by giving ESMA an enhanced convergence role for large cross-border asset management groups.
Today’s proposal forms a central pillar of the Commission’s Savings and Investments Union (SIU) strategy. ESMA looks forward to working with the co-legislators as they advance this important initiative to build deeper and more integrated EU capital markets.
Further information:
Solveig Kleiveland
Team Leader - Communications
press@esma.europa.eu04/12/2025 ESMA71-545613100-2843ESMA welcomes Commission’s ambitious proposal on market integration - Press release 22/05/2024 ESMA24-450544452-2207Position paper on EU capital markets - Building more effective and attractive capital markets in the EU ESMA to launch Common Supervisory Action on MiFID II conflicts of interest requirements
ESMA to launch Common Supervisory Action on MiFID II conflicts of interest requirements
Investor protectionThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, will launch a Common Supervisory Action (CSA) with National Competent Authorities (NCAs) on conflicts of interest in the distribution of financial instruments.
The CSA will assess how firms comply with their obligations under MiFID II to identify, prevent, and manage conflicts of interest when offering investment products to retail clients.
The CSA will focus on:
- The possible impact of staff remuneration and inducements on what products are offered to investors.
- The role of digital platforms in directing investors towards certain products, and whether this serves their best interests.
- The ways firms manage potential conflicts between their own profits and the needs of retail investors.
ESMA expects that this initiative, together with the exchange of practices among NCAs, will contribute to the consistent application of EU rules and strengthen investor protection in line with its objectives.
Next steps
ESMA and the NCAs will carry out the CSA during 2026.
Further information:
Iris Hude
Communications Officer
press@esma.europa.eu
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