The chairman of the Spanish National Securities Market Commission (CNMV), Sebastián Albella, has been appointed as a member of the management board of the European Securities and Markets Authority (Esma).
The CNMV chairman will also be a member of the Esma’s mediation panel. The management board of the Esma is comprised of the chair, Steven Maijoor, and six members selected from the board of supervisors by its voting members. The board of supervisors is the main decision-taking body of Esma.
Albella’s appointment is in line with the CNMV’s strategy of participating and playing a role as active as possible in key international forums, particularly the Esma, which role in European
rulemaking and in driving and coordinating convergence of supervision in Europe is very relevant.
The management board’s main purpose is to ensure that the Esma complies with its terms of reference as established by the European Parliament and the Council in its founding regulation; its functions include proposing the annual and multi-annual work programmes of the ESMA for adoption by the board of supervisors.
The appointment is for a term of two-and-a-half years and may be renewed for a single additional term.