Abstract In the aftermath of the financial crisis, the European Securities and Markets Authority (ESMA) was established in 2011 with the mission of enhancing investor protection, promoting orderly financial markets and safeguarding financial stability. In service of that mission, ESMA was granted direct supervisory and enforcement powers. ESMA has used those powers in a variety of ways in the last 15 years. This article examines ESMA’s enforcement role by setting out its mandate and powers, its approach to enforcement, and the steps in the process, before an exploration of the relevant decisions of the Board of Appeal. The article concludes with a brief overview of ESMA’s important convergence work in enforcement.
Zelenko et al. (Fri,) studied this question.
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