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Sole EU boss will administer all 3 ESAs

Wednesday 15 December 2010 – by Will Henley

A single manager from the European Commission is expected to administer all three new European Supervisory Authorities for up to three months from 1 January, GFS News understands.

According to a well-placed source at the Committee of European Securities Regulators, a senior admin official from the Internal Market and Services Directorate General is set to take charge of operations as interim executive director of the ESAs within days.

The process of recruiting permanent executive directors for the European Banking Authority, European Securities and Markets Authority and European Insurance and Occupational Pensions Authority could “take some time”, according to the insider.

“They are in the process of doing it now, but it will not be done by the first two or maybe three months of 2011,” the source said.

“My understanding as of now is that, yes, the Commission person – a representative from the admin side of DG Markt – would be acting as interim executive director for all the three ESAs.”

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The revelation comes amid major uncertainty over the financing of the new authorities as the European Parliament and Council remain in deadlock over the EU’s budget for 2011.

Former head of CESR Eddy Wymeersch told GFS News last week that the agencies could effectively be “closed for months and months”.

Carlo Comporti, incumbent Secretary-General of CESR, the predecessor to the new European Securities & Markets Authority, is expected to stay on at ESMA in an acting role until a new chair and executive director are appointed.

A CESR board meeting scheduled for early January will see the election of a new Vice-Chair who will work with the interim executive director and Comporti until the new chair has been appointed.

Under the terms of the creation of the ESAs, 40 per cent of their €40m total financing was set to come from EU funds, with 60 per cent derived from member state contributions.

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