ESMA: Public Statement of Consultation Practices
- The aim of consultation is to build consensus where possible between all interested
- Affected parties on what legislation or regulatory action is appropriate and to improve the
decision-making process of ESMA - Benefiting from the expertise of market participants, consumers and end-users
- Assisting the determination of whether a problem exists which requires a regulatory
action - Effective consultation places mutual obligations on ESMA and those consulted to work in a manner that promotes the success of the process
- The scope and timetable of ESMA’s work often determined by external factors, such as legislative deadlines and mandates from the European Commission
