Verena Ross, international director of the FSA, is vying to become executive director at the European Securities and Markets Authority (ESMA), according to reports.
European financial regulators may vote as soon as today at a private meeting in Paris on who gets the top administrator job at the EU’s market regulator, which began operating in January.
Ross is vying with European Commission official Maria Velentza and four other candidates, according to Bloomberg.
EU nations and the parliament agreed last year to establish ESMA as one of three authorities in London, Paris and Frankfurt to regulate the banking, securities and insurance industries respectively.
None of the chairmen of the three bodies come from the FSA or European Commission, but a slew of current FSA staff have been given senior posts in the new European regulators.
The executive director of ESMA will oversee the management of the authority and prepare the work of the board of the securities regulator, which is tasked with harmonizing market rules across the 27 European member states, according to the implementation order.
“It’s important that both candidates are women,” Wymeersch said, because the commission and parliament want to increase the number of women in senior regulatory roles.
FSA chief executive Hector Sants is on the board of the European Insurance and Occupational Pensions Authority (EIOPA), banking director Thomas Huertas is alternate chairman of the new EU Banking Authority (EBA), and Alexander Justham, the FSA’s director of markets, is on the board ESMA.
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