Rewiew of the ESAs – AFG’s position paper

– Strong opposition to the extension of ESMA’s direct supervisory power in the area of funds ;
– Full support to strengthened involvement of ESMA in the assessment and monitoring of third country regulatory and supervisory regimes ;
– Support to enhancing ESMA’s coordination on delegation/outsourcing/risk transfer of substantial activities in third countries subject to important adjustments of the new article 31(a) to the asset management specificities ;
– Full support to enhanced involvement of ESAs Stakeholders Groups in the decision process and introduction of a simple majority vote in case of excess of competence by ESMA ;
– Strong call for a clarification of the legal status of the Q&As and increased transparency/interactions with stakeholders;
– Urgent need of giving the ESAs the power to adjust implementation of EU rules via no-action letters or comfort letters;
– Support to the introduction of an Executive Board ;
– Strong opposition to direct funding of ESAs from indirectly regulated entities. Call for a fixed floor of 40% on the EU budget contribution.