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Verena Ross: speeches

71 speeches by Verena Ross listed between 9 February 2022 and 28 September 2026. Roles covered: Chair of the European Securities and Markets Authority (1 November 2021 – 31 October 2026). Most frequent topics: banking regulation and supervision, growth, investment and productivity, technology, ai and cyber risk.

Last updated 10 November 2026 · newest first

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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' opening statement at the ECON hearing, 28 September 2026

ContextOpening statement at the European Parliament's Economic and Monetary Affairs Committee (ECON), Verena Ross's last annual hearing as ESMA Chair.

Why it mattersReviews what has been achieved for EU capital markets and what is still missing to integrate them.

Problems raised
  1. Markets face high uncertainty and volatility.
  2. EU capital markets remain fragmented across national supervisors.
  3. Rules and reporting have become too complex.
Solutions proposed
  1. Keep removing unnecessary barriers between national markets.
  2. Apply risk-based, proportionate supervision.
  3. Maintain momentum on the capital markets reform package.
Read the speech summary

1. A farewell hearing

In her last appearance before the European Parliament's economic committee as ESMA Chair, Verena Ross reviewed the past year and her term. Amid geopolitical tension, trade disputes and fast technological change, she argued Europe needs deep and attractive capital markets to fund innovation and growth and let citizens share in it.

2. A year of integration and simplification

She cited progress on consolidated market data feeds, the single access point for company information, preparation for next-day settlement, derivatives clearing rules and the Listing Act. Responding to industry complaints, ESMA proposed lighter transaction and fund reporting, a simpler path for retail investors and risk-based supervision, while insisting investor protection and market integrity stay intact. On crypto-assets, the focus has shifted from writing rules to supervising them consistently.

3. Looking ahead

Innovation, she added, can only grow at scale where investors trust it, so good regulation and supervision enable rather than hinder it. Recalling that ESMA has grown over fifteen years through the debt crisis, Brexit and the pandemic, now supervising more firms directly and in close partnership with national authorities, she backed the market integration and supervision package now being negotiated and said ESMA is ready for any new direct-supervision tasks, urging lawmakers to keep up the pace and remove remaining barriers so that rules and supervision match an increasingly integrated market.

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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at the International Conference on Finance, Warsaw, 23 September 2026

ContextKeynote at the International Conference on Finance in Warsaw, held for the 20th anniversary of the Polish Financial Supervision Authority (KNF).

Why it mattersThe ESMA Chair presents the market integration package as possibly the biggest EU market reform since the post-crisis years.

Problems raised
  1. Fewer companies list on public markets and more delist.
  2. The EU lags other major markets in depth and scale.
  3. Retail investors lack confidence to invest.
Solutions proposed
  1. Adopt the market integration and supervision package.
  2. Give legal certainty to DLT-based market infrastructures.
  3. Make the investor journey simpler for retail savers.
Read the speech summary

1. Poland as an example

At an international finance conference in Warsaw marking 20 years of Poland's financial supervisor, ESMA Chair Verena Ross traced how Polish capital markets were built from scratch three decades ago through new laws, infrastructure and supervision. The Warsaw exchange now lists over 400 companies, is the largest in Central and Eastern Europe, and foreign investors make up nearly three-quarters of trading, which she credits to bold privatisation and market policies, EU membership and its common investor-protection rules, and strong national oversight that turned those rules into local confidence.

2. Europe's weaknesses

EU reforms on listing rules, company data access, consolidated trading data and settlement in one day from October 2027 help, but she points to fewer listings, more delistings, limited investment capacity and fragmentation that some estimate has cost trillions of euros of output. Retail and institutional investment remain too small to meet Europe's long-term needs, from defence spending to the climate and digital shifts, which also means lost opportunities for savers: Polish households save about 10% of income and invest about 5%, well below EU averages of roughly 15% and 9%. Earlier reforms, however successful, are therefore not enough, and she calls for renewed ambition.

3. The integration package

She welcomes the savings and investments union and its market integration and supervision package, which could be the most important market reform since the post-crisis era. EU-level supervision would suit truly pan-European players such as large trading venues, clearing houses, securities depositories and crypto firms, provided the criteria are realistic and ESMA works closely with national authorities while having the means to act independently. Common rules must produce common outcomes, which requires convergence tools and consistent supervision, plus cooperation arrangements tailored to each sector that avoid duplication. The package would also harmonise trading rules, allow trading groups to operate under one licence, link securities depositories through a hub model with standardised connections, and make the pilot regime for distributed-ledger infrastructure more usable so that tokenised markets can grow beyond trials.

4. Simpler rules

She stresses lighter reporting for firms and funds, an easier path for retail investors and risk-based supervision, noting Poland's supervisor has also removed national add-ons. Safeguards must stay, but the system must become leaner and more agile, combining national expertise with European ambition.

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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at Eurofi Dublin, 17 September 2026

ContextSpeech by the ESMA Chair at the Eurofi conference in Dublin, a meeting of EU policymakers and financial industry leaders.

Why it mattersAt Eurofi, the ESMA Chair warns that too many carve-outs could empty the reform of EU-level supervision of its purpose.

Problems raised
  1. Supervision of cross-border firms is fragmented and duplicative.
  2. Divergent national expectations create uneven outcomes.
  3. Technology, cyber risk and geopolitics make markets more complex.
Solutions proposed
  1. Strengthen EU-level supervision of significant cross-border entities.
  2. Avoid carve-outs that would weaken the reform.
  3. Cut complexity that adds little value while keeping strong oversight.
Read the speech summary

1. Markets that are European need supervision that is too

Speaking at the Eurofi conference in Dublin, ESMA Chair Verena Ross argued that firms, risks and data now cross borders so quickly that oversight confined to one country no longer fits. The EU wants deeper, more liquid markets, wider investment choice for savers and easier company funding, and she links that goal to the Commission's market integration and supervision package. Moving certain large cross-border entities under EU-level supervision is, in her view, a practical step rather than centralisation for its own sake: if firms meet different expectations in each state, they simply organise themselves around the fragmentation.

2. Simpler does not mean weaker

Ross ties the reform to burden reduction. Part of the complexity firms face comes from the rules, but part comes from uneven national application, repeated requests and slow coordination. A single integrated supervisor for truly cross-border activities could cut duplication, speed up time to market, make better use of data and let scarce expertise focus on the biggest risks. She insists this is not about doing less: cyber threats, new technology and geopolitical uncertainty make the supervised world harder, so the aim is to remove low-value complexity, not vigilance.

3. A message to lawmakers

With the Council and Parliament both aiming to settle their positions by the end of the year, she urges them not to dilute the proposal. Clear responsibilities, simple governance and matching resources are needed. A text riddled with exceptions, partial transfers or boundaries drawn to shield national champions, or EU supervision merely stacked on top of existing arrangements, would keep fragmentation alive while only looking European. She recalls that ESMA was born after a crisis, has matured since, and will implement whatever is agreed.

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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' keynote speech at the European Capital Markets Dialogue, 31 August 2026

ContextKeynote by the ESMA Chair at the European Capital Markets Dialogue in Dubrovnik, hosted by the Croatian and Luxembourg market supervisors.

Why it mattersThe ESMA Chair draws a line between smart simplification and deregulation that would weaken investor protection.

Problems raised
  1. Indiscriminate deregulation could weaken investor protection.
  2. Proportionality can slide into fragmentation.
  3. Risks increasingly cross national borders.
Solutions proposed
  1. Simplify through smart, risk-focused supervision.
  2. Use peer reviews and common supervisory actions across Europe.
  3. Reduce reporting burdens while improving risk detection.
Read the speech summary

1. Simplification built on confidence

Speaking in Dubrovnik at a conference hosted by Croatia's HANFA and Luxembourg's CSSF, ESMA Chair Verena Ross, whose term is ending, echoed the Lamfalussy report's call twenty-five years ago for agile regulation. Beyond the question of courage to simplify, she asked whether policymakers have confidence that simpler rules can still work. Complexity can give a false sense of control and, in an unpredictable world, make the system clumsy and less competitive. She rejected indiscriminate deregulation that would weaken investor protection or stability; the aim is a strong supervisory framework, using quality data, convergence and enforcement, that reaches its goals without ever more detailed rules.

2. The cost of fragmentation

She warned that proportionality must not turn into fragmentation: each exemption or national flexibility may make sense locally, but the accumulated differences impose hidden costs on the whole market, making it harder for firms to expand, investors to find opportunities and Europe to compete. A stronger European dimension of supervision should be seen as an opportunity; it will not erase differences between markets but can make them less of a barrier.

3. A joint undertaking and the 2030 picture

Whatever negotiators decide on the market integration and supervision package, she says supervision stays a partnership that combines national expertise with a European view, built through peer reviews, joint actions, colleges and shared methods. For 2030 she pictures supervision more integrated yet rooted in national markets, digital and data-driven, focused on outcomes, with fewer box-ticking duties, lighter reporting, predictable expectations for cross-border firms and investors confident to take part, moving Europe nearer a genuine single market for capital.

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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote speech at the EU T+1 Industry Committee event, 3 July 2026

ContextKeynote in Paris at an event of the industry committee in charge of the EU T+1 transition.

Why it mattersA practical guide to Europe's switch to one-day securities settlement (T+1), with the deadline now fixed.

Problems raised
  1. Europe's move to T+1 settlement is a large operational change.
  2. One weak link in the chain can disrupt settlement.
  3. Cross-border and custody chains create hard dependencies.
Solutions proposed
  1. Coordinate authorities and industry through working groups.
  2. Issue clear, workable guidance for different business models.
  3. Test early and market-wide before go-live.
Read the speech summary

1. From design to delivery

Speaking at an industry committee event in Paris on Europe's move to one-day settlement, ESMA Chair Verena Ross said the work has shifted from planning to execution. The switch date is fixed: 11 October 2027, as ESMA proposed in its 2024 report. She praised the industry committee's roadmap, handbook, checklist, testing plan and surveys as a model of public-private cooperation, and explained that the authorities' part is clarity, supervisory convergence and monitoring. The Commission's endorsement of the amended settlement-discipline standards is imminent, and the text then goes through the remaining institutional steps before it takes effect, and new rules on allocations and confirmations should start applying from 7 December 2026, because delays in those upstream steps would quickly turn into settlement pressure the next day.

2. What firms must do now

She asked firms to answer ESMA's consultation on revised allocation and confirmation guidelines, which closes on 7 July; to finish preparations, upgrading systems, improving static data and standing instructions, agreeing procedures with counterparties and cutting manual work, since automation is a precondition; and above all to check the readiness of the whole chain of clients, brokers, custodians, depositories, clearing houses, venues and vendors, because one weak link can strain everything. Testing must be built into plans for 2027, from internal to bilateral to market-wide. The shift, she concluded, is also a test of coordination, and promises lower costs and stronger capital markets.

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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at the EFAMA conference, 12 June 2026

ContextSpeech by the ESMA Chair at the Annual General Meeting of EFAMA, the European fund and asset management association, in Brussels.

Why it mattersThe ESMA Chair sets out priorities for European fund managers as the Middle East war adds stagflation risks.

Problems raised
  1. Middle East war adds uncertainty and stagflation risks.
  2. Retail investors find products and disclosures too complex.
  3. New technologies bring cyber and operational risks.
Solutions proposed
  1. Simplify the framework for asset managers.
  2. Put retail investors at the centre of the savings and investments union.
  3. Monitor market resilience and fund risks closely.
Read the speech summary

1. Simplifying reporting

Speaking at the asset managers' association meeting in Brussels, ESMA Chair Verena Ross set four priorities: simpler reporting, digital innovation, market resilience and retail participation. On reporting, ESMA's May reports found more than 100 European and national obligations on funds and managers, so it proposes a common single template in a modular system, with managers reporting once and authorities, including the ECB and central banks, sharing and reusing the data through a central hub while national authorities still collect it. Implementation starts with AIFMD and UCITS reporting, with draft technical standards consulted by year-end and finalised in the first half of 2027. For transaction reporting, ESMA has short-term relief ideas such as revising two-sided reporting duties and an end-state integrated model across EMIR, MiFIR and SFTR, being tested through cost-benefit analysis, with attention to timelines to avoid repeated system rebuilds.

2. Tokenisation of funds

Tokenisation is often better seen as a shift in the plumbing surrounding funds than a break with the fund model; it may automate functions, speed subscriptions and redemptions, improve registers and cut reconciliations, and give investors accessibility and longer trading hours. Tokenised Treasury and money-market products total several billion dollars, small but growing. ESMA takes an evidence-based view: key questions are whether the ledger is the official register, whether transfers are final on-chain, and whether investors hold units directly, and it is working with national authorities on real cases and possible regulatory barriers. Investors must understand their rights and risks, including cyber and operational dependencies, and legal certainty and interoperability are needed so that national differences in registers, title, custody, settlement finality and insolvency do not recreate fragmentation.

3. Market resilience and vulnerabilities

The Middle East war added to tensions, bringing signs of stagflation, higher bond yields and tighter conditions, with corporate credit risk and debt sustainability concerns re-emerging. Markets and infrastructure proved resilient, including orderly clearing of energy contracts despite sharp margin calls, but valuations in some segments are stretched and markets seem optimistic about the war's duration, while performance is concentrated in technology. In an AI-driven correction, EU equity funds would be hit hard because 45% of their assets are in US equities, and tech is a third of the S&P 500 against 18% of the Euro Stoxx 50. Other watch points: hedge-fund leverage and its role in government bond turmoil, fund liquidity tools now reported systematically, and private credit of about 0.1 trillion euros, opaque, illiquid and increasingly connected to banks and insurers.

4. Retail investors

The savings and investments union puts ordinary investors at the centre, but the investor journey feels burdensome, information is complex, costs unclear and trust uneven. The Retail Investment Strategy should refocus rules on outcomes: valuable products, clear disclosures and advice aligned with investors' interests. ESMA will balance simplification with safeguards, especially disclosures and suitability, adapting information to digital channels; for the PRIIPs key document it expects changes to a product-at-a-glance section and performance, replacing scenarios with past performance for funds, and simpler cost calculations, with consumer testing. Rules alone are not enough: trust, fair costs and financial literacy matter, and success is measured by whether markets work for the people they serve.

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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' keynote speech at the FESE Convention, 3 June 2026

ContextKeynote by the ESMA Chair at the 2026 Convention of FESE, the federation of European securities exchanges.

Why it mattersAddressed to Europe's stock exchanges, the ESMA Chair links market reform with pensions and financial literacy.

Problems raised
  1. Trading is increasingly fragmented across venues.
  2. Too few citizens invest in capital markets.
  3. Public markets in Europe struggle to compete.
Solutions proposed
  1. Deliver the market integration package with a smooth supervisory transfer.
  2. Promote pension reforms such as auto-enrolment and financial literacy.
  3. Fully implement the Listing Act and adjust securitisation rules.
Read the speech summary

1. Beyond the slogan

At the convention of the Federation of European Securities Exchanges, the Chair of ESMA said that after fifteen years of hearing that European markets stand at a turning point, integration has become unavoidable. Efficient markets turn ideas and savings into innovation and jobs, which Europe needs at continental scale.

2. What the data on share trading show

ESMA's recent consultation on equity market structure, based on 2022-2025 transaction reports, finds markets working well overall: addressable liquidity is stable near 85% and order-book trading near 80%. But continuous trading on visible order books is slowly shrinking, mainly on regulated exchanges, whose share fell from about 35% to 27%. Auctions are growing, and frequent batch auctions doubled to over 6%. The combined share of visible books and closing auctions on exchanges and multilateral platforms fell from about 72% to 64%, a concern since closing prices serve as benchmarks for funds and ETFs. Dark trading stays around 4-5%, while systematic internalisers rose from about 5% to almost 9%. ESMA has no fixed view yet and invites comments before 30 June, with a feedback report due later in the year.

3. A major reform package

She called the Commission's market integration and supervision package the most significant capital markets reform in years. It would create a single EU licence for venue groups operating in several countries, ease costly post-trade links so users choose providers on merit, keep rules ready for AI, distributed ledgers, quantum computing and tokenisation, and give ESMA direct supervision of the largest cross-border infrastructures after a short transition, working with national authorities.

4. The wider savings and investments union

Political backing is strong, from the European Council, the Parliament's President and an April roadmap aiming at a single capital market by 2027. Success needs better savings products, financial education and pension reforms such as automatic enrolment; 80% of European pension funds manage under €1 billion. The Listing Act, securitisation changes, the venture fund review and consolidated tapes must all advance, because each pillar supports the others. Failure would mean weaker pensions and firms growing elsewhere. Facts, legal tools and political will are available; what is missing is shared boldness across institutions, countries and the public and private sectors. Citing Goethe's Faust, she urged exchanges to seize the moment and help build an integrated, efficient and attractive European market rather than merely adapt to one more regulatory change.

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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' keynote speech at the ICMA AGM conference, 28 May 2026

ContextKeynote by the ESMA Chair in London at the Annual General Meeting and conference of ICMA, the international capital market association.

Why it mattersThe ESMA Chair argues for centralised supervision of Europe's main market infrastructures.

Problems raised
  1. Geopolitical tensions drive market volatility.
  2. Supervision of pan-European infrastructures is fragmented.
  3. Rules are complex and inconsistent.
Solutions proposed
  1. Centralise supervision of the main pan-European infrastructures.
  2. Simplify rules and improve proportionality.
  3. Strengthen risk-based supervision across ESMA and national authorities.
Read the speech summary

1. Resilient markets and the integration package

Speaking at the ICMA annual conference in London, ESMA Chair Verena Ross said that despite geopolitical volatility and a clouded outlook, capital markets have stayed resilient, which matters because they stabilise economies, while Europe needs deep, integrated markets to finance a competitive, low-carbon economy. ESMA fully backs the savings and investments union and the market integration and supervision package. Trading and post-trading remain fragmented along national lines; a proposed pan-European trading venue regime would let operators run several venues across member states, and the many securities depositories raise settlement costs and complicate cross-border deals, so connections between hubs, reciprocal links, T2S participation and clearing interoperability would help. For key pan-European infrastructures, centralised supervision would be more consistent and give a clearer view of risk, and ESMA, with fifteen years of experience, says it is ready, though building the capability will be a challenge.

2. Deeper markets, technology and simplification

She cited the EU consolidated tape, now taking shape, to improve transparency, and the move to one-day settlement on 11 October 2027, aligned between the EU and the UK, for which everyone should prepare. Tokenisation could streamline issuance, trading and settlement, embed compliance and give supervisors real-time tools, and the DLT pilot regime shows it working; the package should improve it without creating new fragmentation. Finally, accumulated detailed and duplicative rules create complexity, so ESMA is simplifying the policy framework, focusing supervision where risks are highest and reviewing reporting under market, derivatives and financing-transaction rules to report once and use many times.

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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' opening speech at ESMA Conference 2026, 21 May 2026

ContextOpening speech at the ESMA Conference 2026, which marked the 15th anniversary of the European Securities and Markets Authority.

Why it mattersPresents integrated EU capital markets as an economic necessity rather than a technical project.

Problems raised
  1. Europe must finance green, digital and defence priorities.
  2. EU capital markets are not integrated or competitive enough.
  3. Retail investors face risks from AI, finfluencers and crypto.
Solutions proposed
  1. Treat integrated capital markets as an economic necessity.
  2. Deliver the reforms needed for deeper markets.
  3. Keep investor education and awareness campaigns.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' opening statement in the ECON hearing on the MISP, 5 May 2026

ContextOpening statement by the ESMA Chair at a European Parliament ECON committee hearing on the Market Integration and Supervision Package.

Why it mattersSets out the regulator's own position on a package that could move supervision of major market players to EU level.

Problems raised
  1. EU capital markets remain too fragmented.
  2. New technologies risk re-fragmenting markets.
  3. Savings are not channelled to productive investment.
Solutions proposed
  1. Adopt the market integration and supervision package.
  2. Build EU-level supervisory capacity with national authorities.
  3. Advance pension reform and financial literacy.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' keynote speech at the ASIFMA Annual Conference, 5 March 2026

ContextKeynote by the ESMA Chair at the ASIFMA Annual Conference 2026 in Sydney, a gathering of Asian capital market firms.

Why it mattersCompares European and Asian challenges in savings, tokenisation and climate.

Problems raised
  1. Economies need more investment for transformation.
  2. Ageing populations strain public finances.
  3. Tokenisation raises integrity and interoperability questions.
Solutions proposed
  1. Give citizens more access to long-term savings and capital markets.
  2. Keep tokenisation within sound frameworks.
  3. Deepen Europe-Asia regulatory cooperation.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at the Afore Consulting 10th Annual FinTech and Regulation Conference, 3 February 2026

ContextSpeech by the ESMA Chair at Afore Consulting's 10th Annual FinTech and Regulation Conference in Brussels.

Why it mattersThe ESMA Chair explains how the reform package would change crypto and DLT rules in the EU.

Problems raised
  1. EU capital markets are complex and fragmented.
  2. Similar crypto businesses face different national expectations.
  3. Regulatory arbitrage weakens investor protection.
Solutions proposed
  1. Simplify cross-border operations under the market integration package.
  2. Update DLT and MiCA rules.
  3. Strengthen EU-level supervision of fast-changing sectors.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at the European Banking Summit, 28 January 2026

ContextSpeech by the ESMA Chair at the European Banking Summit 2026, organised by the European Banking Federation.

Why it mattersThe ESMA Chair's case to bankers for turning Europe's idle savings into productive investment.

Problems raised
  1. Market volatility and vulnerabilities persist.
  2. Fragmented infrastructures block integration.
  3. Idle savings are not invested productively.
Solutions proposed
  1. Empower citizens to invest in capital markets.
  2. Improve access to finance for growing firms.
  3. Make supervision more efficient and consistent across the EU.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' opening statement at ESMA Data Day, 2 December 2025

ContextOpening statement by the ESMA Chair at the first ESMA Data Day, held at ESMA in Paris and online.

Why it mattersLaunches ESMA's first Data Day, on using data to cut reporting burdens and fight greenwashing.

Problems raised
  1. Reporting requirements are heavy and duplicated.
  2. Greenwashing misleads investors.
  3. Supervisors must focus scarce resources.
Solutions proposed
  1. Simplify and rationalise reporting.
  2. Use data and technology against greenwashing.
  3. Support risk-based supervision with analytics.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote speech at the Financial Services Ireland Annual Dinner, 20 November 2025

ContextAfter-dinner keynote by the ESMA Chair at the Financial Services Ireland Annual Dinner in Dublin.

Why it mattersThe ESMA Chair explains in Dublin why some firms would benefit from a single EU supervisor.

Problems raised
  1. Supervision of key firms is split among authorities.
  2. Geopolitics, technology and demographics create pressure.
  3. Fiscal and social pressures collide.
Solutions proposed
  1. Give significant firms a single central supervisor.
  2. Target centralisation where it improves efficiency.
  3. Build capital markets fit for future challenges.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote speech at the ECSDA Conference, 18 November 2025

ContextKeynote by the ESMA Chair in Brussels at the conference of ECSDA, the association of European central securities depositories.

Why it mattersThe ESMA Chair on post-trade fragmentation, a hidden cost for European investors.

Problems raised
  1. Post-trade fragmentation raises costs.
  2. Settlement efficiency is uneven.
  3. Non-EU participants have concerns.
Solutions proposed
  1. Increase interoperability of post-trade systems.
  2. Improve settlement efficiency and supervisory convergence.
  3. Engage with industry and non-EU participants.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Opening Statement - 2025 ECON Annual Hearing, 17 November 2025

ContextOpening statement by the ESMA Chair at the 2025 annual hearing of the European Parliament's Economic and Monetary Affairs Committee.

Why it mattersThe ESMA Chair's 2025 report to MEPs, warning about possible sudden market corrections.

Problems raised
  1. Geopolitics and trade tensions raise uncertainty.
  2. Sudden market corrections are possible.
  3. Reporting frameworks are burdensome.
Solutions proposed
  1. Streamline transaction and fund reporting.
  2. Improve the retail investor journey.
  3. Centralise supervision of key entities.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote speech at the 11th International Financial Markets Conference, 7 November 2025

ContextKeynote by the ESMA Chair at the 11th International Financial Markets Conference in Vilnius, Lithuania.

Why it mattersThe ESMA Chair explains how to bring more Europeans into capital markets without pushing them into risky products.

Problems raised
  1. Too few Europeans invest their savings in capital markets.
  2. New retail channels can push people toward risky products.
  3. Supervision of cross-border pan-EU entities is inconsistent.
Solutions proposed
  1. Help retail investors make informed, long-term choices.
  2. Use consumer testing to make disclosures clear and concise.
  3. Centralise supervision of certain cross-border entities.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote Speech at the Belgian Financial Forum 24 October 2025

ContextKeynote by the ESMA Chair at the Belgian Financial Forum in Brussels, invited by Febelfin, the Belgian financial sector federation.

Why it mattersThe ESMA Chair presents the savings and investments union to Belgian finance professionals.

Problems raised
  1. Europe saves a lot but invests too little productively.
  2. Defence, digital and green transitions need funding.
  3. Retail investors face barriers to accessing products.
Solutions proposed
  1. Build the savings and investments union.
  2. Support the EU financial literacy strategy.
  3. Ease retail access to markets while keeping investor protection.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote speech at the Joint ESM-FBF Conference, 5 June 2025

ContextKeynote at the joint ESM and French Banking Federation conference in Luxembourg; ESMA protects investors and keeps EU markets orderly, and is debating its future supervisory role.

Why it mattersESMA's chair enters the debate on centralised EU market supervision under the Savings and Investments Union.

Problems raised
  1. EU capital markets remain fragmented.
  2. Supervision differs from one country to another.
  3. Europe struggles to finance its own future.
Solutions proposed
  1. Pursue the Savings and Investments Union.
  2. Make supervision more coherent and risk-based across the EU.
  3. Match the supervisory setup to the EU's strategic aims.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote Speech at the Kapitalmarktkonferenz, 2 June 2025

ContextKeynote in German at BaFin's capital markets conference in Frankfurt; ESMA protects investors and keeps EU markets orderly, and pushes for deeper, less fragmented capital markets.

Why it mattersESMA's chair addresses German market participants on reducing fragmentation in EU capital markets.

Problems raised
  1. Inflation, energy prices and geopolitics tested resilience.
  2. Fragmentation hampers cross-border investment and growth capital.
  3. Europe struggles to fund innovation, transition and defence.
Solutions proposed
  1. Support the Savings and Investments Union strategy.
  2. Promote supervisory convergence and reduce fragmentation.
  3. Agree shared ambitions and concrete steps.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote Speech at the ATVP Capital Markets Day, 8 April 2025

ContextKeynote at the ATVP Capital Markets Day in Ljubljana, hosted by Slovenia's securities regulator; ESMA protects investors and keeps EU markets orderly, and supports smaller national markets.

Why it mattersESMA's chair promotes investment accounts and supplementary pensions to bring citizens into capital markets.

Problems raised
  1. EU capital markets remain fragmented.
  2. Citizens invest too little in capital markets.
  3. Supplementary pensions are underdeveloped.
Solutions proposed
  1. Deliver the Savings and Investments Union strategy.
  2. Improve financial literacy and create investment accounts.
  3. Align EU and national measures and boost cross-border investment.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote speech at the ALFI Global Asset Management Conference, 26 March 2025

ContextKeynote at the ALFI Global Asset Management Conference in Luxembourg; ESMA protects investors and keeps EU markets orderly, and oversees a fund industry exposed to new risks.

Why it mattersESMA's chair notes how few EU households invest through funds compared with the United States.

Problems raised
  1. EU households hold a small share of fund assets.
  2. Some market frameworks are poorly calibrated.
  3. Excessive fund leverage can threaten stability.
Solutions proposed
  1. Build the Savings and Investments Union.
  2. Recalibrate frameworks so they work as intended.
  3. Balance market growth with investor protection and risk control.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at Finanzplatztag, 4 March 2025

ContextSpeech in German at the Finanzplatztag in Frankfurt; ESMA protects investors and keeps EU markets orderly, and wants capital markets to support European competitiveness.

Why it mattersESMA's chair proposes clearer cost data and a comparison tool for retail investors.

Problems raised
  1. EU capital markets are fragmented and complex.
  2. Retail investors lack support and clear cost information.
  3. Other financial hubs compete strongly.
Solutions proposed
  1. Publish fuller data on fees and charges.
  2. Consider a product comparison tool for investors.
  3. Rely less on directives and more on uniform rules.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Opening Remarks at the ESMA Conference 2025, 5 February 2025

ContextOpening remarks at the ESMA Conference 2025 in Paris; ESMA protects investors and keeps EU markets orderly, and wants to shape the future of EU capital markets.

Why it mattersESMA opens its conference by framing the Savings and Investments Union around retail investors.

Problems raised
  1. Ageing populations strain public pension systems.
  2. Geopolitical uncertainty is growing.
  3. The EU must attract more investment.
Solutions proposed
  1. Define a vision for the Savings and Investments Union.
  2. Strengthen the Single Market for global capital.
  3. Put retail investors at the centre.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at the ISDA Conference on ‘Completing the Carbon Pricing Framework’, 5 December 2024

ContextSpeech at the ISDA conference in Brussels on completing the carbon pricing framework; ESMA protects investors and keeps EU markets orderly, including fast-growing carbon markets.

Why it mattersESMA's chair warns about weak oversight of voluntary carbon markets.

Problems raised
  1. Carbon markets increasingly overlap with financial markets.
  2. Voluntary carbon markets lack transparency and oversight.
  3. Fraud, conflicts and cyber risks threaten their integrity.
Solutions proposed
  1. Monitor the EU Emissions Trading System closely.
  2. Apply IOSCO good practices to voluntary carbon markets.
  3. Require clear risk policies from market participants.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at FESE 50th Anniversary Celebration, 3 December 2024

ContextEvening speech in Brussels for the 50th anniversary of the Federation of European Securities Exchanges; ESMA protects investors and keeps EU markets orderly as exchanges adapt to AI.

Why it mattersESMA's chair looks ahead to how AI will change exchanges by 2030.

Problems raised
  1. Exchanges must adapt to AI and new technology.
  2. They must oversee members' growing use of AI.
  3. Market integration debates are often all-or-nothing.
Solutions proposed
  1. Invest in AI for exchanges' own operations.
  2. Strengthen oversight of AI use in the ecosystem.
  3. Pair integration with cooperation and supervisory convergence.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at the EFAMA Investment Management Forum, 21 November 2024

ContextSpeech at the EFAMA Investment Management Forum in Brussels; ESMA protects investors and keeps EU markets orderly, and sets fund supervision priorities for a new legislative cycle.

Why it mattersRegulators set out what they will watch in fund management over the coming years, including leverage outside banks.

Problems raised
  1. Non-bank systemic risks cross borders and sectors.
  2. Supervision of these risks is incomplete.
  3. UCITS asset eligibility is applied unevenly.
Solutions proposed
  1. Increase cross-border and cross-sector cooperation.
  2. Improve monitoring of non-bank risks.
  3. Agree a common, consistent view on UCITS asset eligibility.
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· Verena Ross Wiki · European Securities and Markets Authority WikiOp-ed by Verena Ross – Empowering Europeans to invest for their futures, 20 November 2024

ContextOpinion article published by ESMA's Chair; ESMA protects investors and keeps EU markets orderly, and wants Europeans to invest more of their savings.

Why it mattersESMA's chair argues that idle household cash could fund Europe's future if markets were deeper.

Problems raised
  1. Europeans keep large savings idle in cash.
  2. Capital markets are fragmented across national borders.
  3. Public budgets cannot fund future needs alone.
Solutions proposed
  1. Offer simple, low-cost investment options.
  2. Build deeper and more attractive EU capital markets.
  3. Scale up private investment.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote speech at the Conference on Corporate Governance in Croatia, 19 November 2024

ContextKeynote in Zagreb at a corporate governance conference hosted by Croatia's financial supervisor Hanfa; ESMA protects investors and keeps EU markets orderly, and supports smaller national markets.

Why it mattersESMA's chair urges faster EU market reform, citing smaller markets' progress.

Problems raised
  1. EU capital market reform is moving too slowly.
  2. Corporate governance must support market trust.
  3. Smaller markets need to grow.
Solutions proposed
  1. Act with more determination, pragmatism and cohesion.
  2. Learn from national progress such as Croatia's.
  3. Build the Savings and Investments Union together.
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· Verena Ross Wiki · European Securities and Markets Authority WikiStatement by Verena Ross as Chairperson of the Joint Committee of the European Supervisory Authorities - ECON Committee, 14 October 2024

ContextStatement to the European Parliament's ECON Committee in Brussels as chair of the joint committee of the three EU financial supervisors; ESMA protects investors and coordinates with banking and insurance supervisors.

Why it mattersThe European supervisors propose improvements to the sustainable finance disclosure rules.

Problems raised
  1. Risks increasingly cut across financial sectors.
  2. Crises and geopolitics have raised uncertainty.
  3. The sustainable finance disclosure rules need improvement.
Solutions proposed
  1. Use the Joint Committee for cross-sector cooperation.
  2. Keep supervisory approaches consistent.
  3. Propose improvements to the SFDR.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Opening Statement - 2024 ECON Annual Hearing, 14 October 2024

ContextAnnual hearing before the European Parliament's ECON Committee in Brussels; ESMA protects investors and keeps EU markets orderly, and must report its results to elected members.

Why it mattersESMA reports on its guidelines against misleading ESG fund names and greenwashing.

Problems raised
  1. Fund names may mislabel ESG investments.
  2. Greenwashing undermines investor trust.
  3. ESG information is not always reliable.
Solutions proposed
  1. Apply guidelines on ESG terms in fund names.
  2. Act on the final report on greenwashing.
  3. Improve the reliability of ESG disclosures.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' keynote speech at the AFME's 8th Annual European Compliance and Legal Conference, 23 September 2024

ContextKeynote at AFME's eighth European Compliance and Legal Conference in London; ESMA protects investors and keeps EU markets orderly, and wants more diverse funding for EU companies.

Why it mattersESMA's chair argues that securitisation could widen funding sources for EU companies.

Problems raised
  1. The financial sector must be operationally resilient.
  2. EU companies rely on few funding sources.
  3. The securitisation market is underused.
Solutions proposed
  1. Strengthen operational resilience.
  2. Improve the securitisation framework.
  3. Push the Savings and Investments Union forward.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote speech at the EUROFI Financial Forum, 12 September 2024

ContextKeynote at the Eurofi Financial Forum 2024 in Budapest; ESMA protects investors and keeps EU markets orderly, and wants markets that serve investors and companies.

Why it mattersESMA's chair pushes for more integrated EU supervision of cross-border risks.

Problems raised
  1. Cross-border risks are hard to supervise nationally.
  2. Investors and companies are not at the centre of markets.
  3. Many needed measures lie beyond ESMA's remit.
Solutions proposed
  1. Use common supervisory actions across the EU.
  2. Move towards more integrated supervision.
  3. Encourage fiscal incentives and pension reforms nationally.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Speech at the Public Hearing on shortening the settlement cycle, 10 July 2024

ContextIntroductory remarks at ESMA's public hearing on shortening the settlement cycle; ESMA protects investors and keeps EU markets orderly, and must decide on a move to one-day settlement.

Why it mattersRegulators weigh whether Europe should follow America's switch to settling trades in one day.

Problems raised
  1. The US and others have moved to one-day settlement.
  2. The EU risks falling behind.
  3. The transition is complex for market participants.
Solutions proposed
  1. Learn from other countries' T+1 shifts.
  2. Consult widely through public hearings.
  3. Prepare a roadmap before a decision is taken.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at the public hearing on revised rules following the MiFIR review, 28 June 2024

ContextWelcome speech at ESMA's online public hearing on revised rules after the MiFIR review; ESMA protects investors and keeps EU markets orderly, and must rewrite transparency rules.

Why it mattersESMA presents its plans for bond transparency and fair market data prices.

Problems raised
  1. Bond and derivative transparency rules need revising.
  2. Market data is not always sold on fair terms.
  3. Reference data rules are outdated.
Solutions proposed
  1. Reform bond transparency after the MiFIR review.
  2. Set standards for market data on a reasonable commercial basis.
  3. Review RTS 2 for derivatives transparency.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at the 6th Annual Capital Markets Seminar, 6 June 2024

ContextEvening speech at the sixth Annual Capital Markets Seminar in Luxembourg; ESMA protects investors and keeps EU markets orderly, and wants stronger equity financing in Europe.

Why it mattersRoss argues that a stronger equity culture would reduce Europe's reliance on debt.

Problems raised
  1. Europe's funding ecosystem holds back innovation.
  2. Tech, energy and SMEs lack equity finance.
  3. EU firms rely too heavily on debt.
Solutions proposed
  1. Meet growing demand for ESG investments.
  2. Strengthen equity finance and an equity culture.
  3. Improve risk sharing through capital markets.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote speech at the HCMC public conference, 29 May 2024

ContextKeynote at the Hellenic Capital Market Commission public conference in Athens; ESMA protects investors and keeps EU markets orderly, and links ESG rules to market integration.

Why it mattersRoss links rules against exaggerated green claims to building a single capital market.

Problems raised
  1. Funds can exaggerate sustainability claims.
  2. ESG data and reporting are still maturing.
  3. EU capital markets remain fragmented.
Solutions proposed
  1. Apply guidelines on ESG terms in fund names.
  2. Make CSRD and the ESAP work well.
  3. Use green markets to advance financial integration.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote speech at the ICMA AGM & Conference, 23 May 2024

ContextKeynote at the ICMA annual meeting and conference in Brussels; ESMA protects investors and keeps EU markets orderly, and has just published its plan for stronger capital markets.

Why it mattersESMA's position paper sets its vision for more attractive markets centred on investors.

Problems raised
  1. EU capital markets are not effective or attractive enough.
  2. Retail investors lack support.
  3. Supervision and rules need strengthening.
Solutions proposed
  1. Publish ESMA's position paper with strategic messages.
  2. Put investors at the core of capital markets.
  3. Support retail investors throughout their investment journey.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at the Conference on Macroprudential Policy for Investment Funds, 20 May 2024

ContextKeynote at the Central Bank of Ireland conference on macroprudential policy for investment funds; ESMA protects investors and keeps EU markets orderly, and watches fund liquidity and leverage.

Why it mattersRoss contributes to the EU review of risks in funds and other non-bank lenders.

Problems raised
  1. Investment funds carry liquidity and leverage risks.
  2. Risks extend across the wider non-bank sector.
  3. The EU needs effective capital markets urgently.
Solutions proposed
  1. Contribute to the Commission's review of non-bank intermediation.
  2. Strengthen macroprudential tools for funds.
  3. Balance stability with capital market development.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at Finanzplatztag, 7 March 2024

ContextKeynote in German at the Börsen-Zeitung Finanzplatztag in Frankfurt; ESMA protects investors and keeps EU markets orderly, and faces fragmented European capital markets.

Why it mattersRoss notes that post-crisis rules have not yet integrated European markets.

Problems raised
  1. Inflation, geopolitics and technology change challenge markets.
  2. European capital markets remain fragmented.
  3. Reforms have not yet produced broad synergies.
Solutions proposed
  1. Build on the post-crisis legal framework.
  2. Integrate markets more deeply.
  3. Support Frankfurt's role with the new anti-money laundering authority.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at EU-Asia Financial Services Dialogue, 29 February 2024

ContextSpeech at the EU-Asia Financial Services Dialogue in Hong Kong; ESMA protects investors and keeps EU markets orderly, and works with Asian partners on sustainable and digital finance.

Why it mattersRoss compares European and Asian approaches to green and digital finance rules.

Problems raised
  1. Sustainable and digital finance bring new risks.
  2. Investors need protection as capital is reallocated.
  3. Frameworks differ between the EU and Asia.
Solutions proposed
  1. Put sound EU regulatory frameworks in place.
  2. Protect investors while enabling capital allocation.
  3. Work closely with Asian partners on aligned rules.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote speech at EFRAG Conference 2023, 28 November 2023

ContextKeynote at the EFRAG Conference 2023 in Brussels on the state of financial reporting; ESMA protects investors and keeps EU markets orderly, and oversees accounting enforcement.

Why it mattersRoss calls for linking financial and sustainability reports more closely.

Problems raised
  1. Financial and sustainability reporting are not well connected.
  2. Geopolitics, inflation and tight conditions complicate forecasts.
  3. Workable solutions require cooperation.
Solutions proposed
  1. Promote connectivity between both types of reporting.
  2. Use Europe's lead in sustainability as an example.
  3. Build bridges between standard setters and supervisors.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at EFAMA Investment Management Forum, 24 November 2023

ContextSpeech at the EFAMA Investment Management Forum in Brussels; ESMA protects investors and keeps EU markets orderly, and supervises asset managers channelling capital.

Why it mattersRoss proposes simpler green disclosures for retail investors and fuller ones for professionals.

Problems raised
  1. Non-bank finance carries financial stability risks.
  2. Sustainability disclosures are too complex.
  3. One format does not suit all investors.
Solutions proposed
  1. Take stock of stability initiatives for asset management.
  2. Simplify disclosures in the SFDR review.
  3. Offer simple retail disclosures and fuller ones for professionals.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at Malta FSA Forum on MiCA, 16 November 2023

ContextSpeech at the Malta Financial Supervisors Academy forum on crypto-asset rules; ESMA protects investors and keeps EU markets orderly, and prepares to apply the MiCA regulation.

Why it mattersRoss reminds investors that the new crypto rules regulate firms, not the value of tokens.

Problems raised
  1. Crypto-asset markets need effective supervision from day one.
  2. MiCA implementation is a large task.
  3. Investors may overestimate MiCA's protection.
Solutions proposed
  1. Implement MiCA robustly across the EU.
  2. Ensure a smooth transition for existing providers.
  3. Remind investors that MiCA regulates intermediaries, not crypto value.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross Opening Statement - 2023 ECON Annual Hearing, 23 October 2023

ContextAnnual hearing before the European Parliament's ECON Committee in Brussels; ESMA protects investors and keeps EU markets orderly, and must report on its work to elected members.

Why it mattersRoss presents ESMA's five-year strategy to lawmakers.

Problems raised
  1. Uncertain economic times and geopolitics strain markets.
  2. Risks can build up unseen.
  3. Investors may not see risky products.
Solutions proposed
  1. Implement ESMA's five-year strategy.
  2. Use better data to spot risk build-up.
  3. Raise investor awareness of risky trends.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at OPTIC 2023 – Brussels, 17 October 2023

ContextSpeech at AFME's OPTIC 2023 conference in Brussels on new technology in capital markets; ESMA protects investors and keeps EU markets orderly, and prepares supervision for the digital age.

Why it mattersRoss wants common tools so supervisors spot risks in time.

Problems raised
  1. New technologies are transforming capital markets.
  2. Risks may emerge faster than supervisors react.
  3. Supervisory tools differ between authorities.
Solutions proposed
  1. Prepare supervision for the digital age.
  2. Strengthen cooperation with national authorities.
  3. Share common tools to spot and prioritise risks.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at the Joint ESAs Consumer Protection Day 2023, 9 October 2023

ContextWelcome speech at the joint European supervisors' Consumer Protection Day 2023 in Madrid; ESMA protects investors and works with banking and insurance supervisors on consumer issues.

Why it mattersRoss focuses on cross-selling and greenwashing risks for consumers.

Problems raised
  1. Sustainable finance and crypto are hard to supervise.
  2. Cross-selling may harm consumers.
  3. Greenwashing threatens retail investors.
Solutions proposed
  1. Promote a customer-centric culture.
  2. Review cross-selling rules for better outcomes.
  3. Help market participants reduce greenwashing risks.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at DDV-Forum 2023, 11 September 2023

ContextVirtual speech in German at the DDV-Forum 2023 of Germany's structured securities association; ESMA protects investors and keeps EU markets orderly, and shapes sustainable and digital markets.

Why it mattersRoss stresses transparency on sustainability as rates and crises keep risks high.

Problems raised
  1. Higher rates, inflation and crises keep market risks high.
  2. Investors need transparency on sustainability.
  3. EU markets must become sustainable and digital.
Solutions proposed
  1. Build the basic blocks of effective EU markets.
  2. Provide clear sustainability information.
  3. Keep monitoring market and liquidity risks.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' ECON Opening Statement, 29 June 2023 - Retail Investment Strategy

ContextOpening statement to the European Parliament's ECON Committee on the retail investment strategy; ESMA protects investors and keeps EU markets orderly, and advises on new retail rules.

Why it mattersRoss argues that regulation alone cannot change Europe's retail investment culture.

Problems raised
  1. Retail investors lack trust in capital markets.
  2. Retail participation is low.
  3. Regulation alone cannot change investment culture.
Solutions proposed
  1. Put retail investors at the centre of reform.
  2. Protect investors throughout their journey.
  3. Improve financial education with several actors.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at Investering Denmark, 27 April 2023

ContextVirtual keynote on greenwashing at the annual meeting of Investering Danmark, the Danish investment association; ESMA protects investors and keeps EU markets orderly, and fights misleading green claims.

Why it mattersRoss makes greenwashing a supervisory priority.

Problems raised
  1. Greenwashing threatens trust in sustainable finance.
  2. Retail investors' sustainability preferences are poorly captured.
  3. Sustainable finance is a key challenge.
Solutions proposed
  1. Make sustainable finance a five-year priority.
  2. Ensure distributors respect sustainability preferences.
  3. Tackle greenwashing through supervision.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at the FESE convention, 28 June 2023

ContextSpeech at the FESE Convention 2023 in Brussels; ESMA protects investors and keeps EU markets orderly, and wants more efficient capital markets.

Why it mattersRoss warns that market reforms must not weaken investor protection.

Problems raised
  1. EU capital markets are not efficient enough.
  2. Companies and investors' needs are not fully met.
  3. Reforms risk weakening protection.
Solutions proposed
  1. Unleash market potential with targeted changes.
  2. Keep strong investor protection.
  3. Maintain strong supervision and enforcement.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at ISLA 30th Annual Securities Finance & Collateral Management Conference, 21 June 2023

ContextSpeech at ISLA's 30th securities finance and collateral conference in Lisbon; ESMA protects investors and keeps EU markets orderly, and works on safe digital markets.

Why it mattersRoss calls for a collective effort to build safe digital markets.

Problems raised
  1. Digital markets bring new risks.
  2. Market conditions test resilience.
  3. Retail investors need a trusted environment.
Solutions proposed
  1. Build safe digital markets collectively.
  2. Strengthen the resilience of the financial system.
  3. Fund growth while withstanding shocks.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at the European Financial Congress, 5 June 2023

ContextSpeech at the European Financial Congress in Sopot, Poland; ESMA protects investors and keeps EU markets orderly, and watches retail investors drawn by apps and social media.

Why it mattersRoss warns that apps and online influencers draw savers into risks they cannot afford.

Problems raised
  1. Post-crisis gaps and inconsistencies remain.
  2. Platforms and social media push retail investing.
  3. Retail investors may take risks they cannot afford.
Solutions proposed
  1. Keep a unified framework and consistent supervision.
  2. Watch platforms and social media promotion.
  3. Ensure investors are not misled.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at ICMA AGM, 25 May 2023

ContextSpeech at the ICMA annual general meeting at the Palais Brongniart in Paris; ESMA protects investors and keeps EU markets orderly amid high inflation and new technology risks.

Why it mattersRoss draws lessons from FTX for investor protection.

Problems raised
  1. High inflation and tighter conditions raise uncertainty.
  2. The energy crisis strains households.
  3. New technologies threaten investor protection.
Solutions proposed
  1. Monitor trends, risks and vulnerabilities.
  2. Learn from failures such as FTX.
  3. Adapt supervision to new challenges.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at ALFI Conference 2023 on the macro-prudential supervision of investment funds, 21 March 2023

ContextSpeech at the ALFI Conference 2023 in Luxembourg on supervising investment funds; ESMA protects investors and keeps EU markets orderly, and watches fund liquidity and leverage.

Why it mattersRoss warns about liquidity mismatches in open-ended funds.

Problems raised
  1. Open-ended funds still carry vulnerabilities.
  2. Liquidity mismatch and leverage create systemic risk.
  3. Adverse events may last longer.
Solutions proposed
  1. Keep funds under close global scrutiny.
  2. Complete EU fund reforms on liquidity and leverage.
  3. Have managers prepare and supervisors step up risk assessment.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at Consob conference: “The New Frontiers of Digital Finance”, 10 March 2023

ContextSpeech at the Consob conference in Rome on the new frontiers of digital finance; ESMA protects investors and keeps EU markets orderly, and faces growing cyber risks.

Why it mattersRoss warns that cyberattacks grow as finance goes online.

Problems raised
  1. Digital finance pushes into new territory.
  2. Cyber threats to the financial sector are growing.
  3. Benefits come with new risks.
Solutions proposed
  1. Secure the digital finance frontier.
  2. Strengthen cyber resilience.
  3. Balance innovation with protection.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Keynote Speech for ZIA Finance Day 2023, 28 February 2023

ContextKeynote in German at ZIA Finance Day 2023 in Berlin, organised by the German property federation; ESMA protects investors and works on sustainable finance rules.

Why it mattersRoss warns about risks from the fast growth of sustainable products.

Problems raised
  1. Fast-growing demand for sustainable products brings risks.
  2. The market is growing quickly.
  3. Sustainability reporting risks fragmenting.
Solutions proposed
  1. Make sustainable finance a core ESMA topic.
  2. Protect investors in a growing market.
  3. Avoid further fragmentation of sustainability reporting.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at Latvian Capital Market Forum 2023, 8 February 2023

ContextSpeech at the Latvian Capital Market Forum 2023, hosted by the Bank of Latvia; ESMA protects investors and keeps EU markets orderly, and supports smaller capital markets.

Why it mattersRoss supports bold measures to protect retail investors from aggressive marketing.

Problems raised
  1. Investors struggle to get key information.
  2. Advice is not always unbiased.
  3. Aggressive marketing harms investors.
Solutions proposed
  1. Support bold measures in the retail investment proposal.
  2. Make unbiased advice easier to obtain.
  3. Protect investors from harmful practices.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at Afore Consulting 7th Annual FinTech and Regulation Conference, 7 February 2023

ContextSpeech at Afore Consulting's seventh FinTech and Regulation Conference; ESMA protects investors and keeps EU markets orderly, and faces risks from crypto and AI.

Why it mattersRoss reminds investors of the limits of the new crypto rules.

Problems raised
  1. Crypto assets pose investor protection risks.
  2. MiCA has limits.
  3. AI brings new supervisory challenges.
Solutions proposed
  1. Implement MiCA to address key issues.
  2. Stay vigilant to emerging crypto risks.
  3. Adapt supervision to AI and blockchain.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at 2022 EFRAG Conference Where Is Corporate Reporting Heading?, 7 December 2022

ContextIntroductory remarks to a panel on financial reporting at the 2022 EFRAG Conference in Brussels; ESMA protects investors and oversees how companies report.

Why it mattersRoss wants climate risks reflected in company accounts.

Problems raised
  1. Financial reporting lags investors' new needs.
  2. Climate risks are not well reflected in accounts.
  3. Financial and sustainability reports are poorly connected.
Solutions proposed
  1. Bring financial reporting up to speed quickly.
  2. Support the IASB project on climate risks.
  3. Treat the true and fair view and the management report as linked.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at the DSW / Better Finance International Investors’ Conference, 6 December 2022 - The Green Deal vs. Geopolitics

ContextSpeech at the DSW and Better Finance investors' conference at the Literaturhaus in Frankfurt; ESMA protects investors and keeps sustainable finance on track despite geopolitics.

Why it mattersRoss argues that green finance must keep going despite energy and war shocks.

Problems raised
  1. Geopolitics challenges the Green Deal.
  2. Sustainable finance agendas face pressure.
  3. Advice may ignore sustainability preferences.
Solutions proposed
  1. Keep pursuing the sustainable finance agenda.
  2. Ensure distributors respect sustainability preferences.
  3. Build retail investor trust in advice.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross Speech at ICMA AGM, 9 June 2022

ContextSpeech at the ICMA annual general meeting and conference in Vienna; ESMA protects investors and keeps EU markets orderly, and works on greening financial markets.

Why it mattersRoss argues green market rules need several years to bed down.

Problems raised
  1. Green financial markets face challenges.
  2. ESG information lacks comparability.
  3. Investors struggle to find credible opportunities.
Solutions proposed
  1. Let the sustainable finance framework bed down.
  2. Improve transparency and comparability.
  3. Help investors judge risks and opportunities.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross FESE Convention Speech, 1 June 2022

ContextSpeech at the FESE Convention 2022 on the MiFIR review; ESMA protects investors and keeps EU markets orderly, and supports capital markets union.

Why it mattersRoss weighs in on the review of trading rules.

Problems raised
  1. EU capital markets need to be more competitive.
  2. MiFIR is under review.
  3. Global stability requires cooperation.
Solutions proposed
  1. Deliver the Capital Markets Union.
  2. Contribute to the MiFIR review.
  3. Increase global cooperation.
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· Verena Ross Wiki · European Securities and Markets Authority WikiKey priorities for EU retail fund investors - Verena Ross at the Irish Funds Annual Conference

ContextSpeech at the Irish Funds Annual Global Funds Conference 2022; ESMA protects investors and keeps EU markets orderly, and sets priorities for retail fund investors.

Why it mattersRoss argues that savers in funds need better protection as prices rise.

Problems raised
  1. Rising inflation hits retail investors.
  2. Economic headwinds are growing.
  3. The retail framework can be improved.
Solutions proposed
  1. Set key priorities for retail fund investors.
  2. Use the retail investment strategy to improve rules.
  3. Keep investor protection central.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' ISDA keynote speech – ESMA’s priorities for transparency

ContextKeynote at the ISDA annual general meeting, delivered remotely; ESMA protects investors and keeps EU markets orderly, and sets its transparency priorities.

Why it mattersRoss prioritises data quality and a consolidated tape.

Problems raised
  1. Reported data quality remains weak.
  2. Risky positions in commodity markets are hard to spot early.
  3. Markets need more transparency.
Solutions proposed
  1. Keep data quality a priority.
  2. Move ahead with a consolidated tape.
  3. Develop tools to detect risky positions early.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' speech at ECMI/CEPS Webinar, 20 April 2022

ContextSpeech at an ECMI and CEPS webinar; ESMA protects investors and keeps EU markets orderly, and drives supervisory quality in a single market.

Why it mattersRoss presents ESMA's risk-based supervisory approach.

Problems raised
  1. ESMA has growing responsibilities.
  2. Risk-based supervision has limits.
  3. Risks differ across firms.
Solutions proposed
  1. Keep learning lessons from crises.
  2. Make risk frameworks flexible.
  3. Build the single capital market step by step.
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· Verena Ross Wiki · European Securities and Markets Authority WikiSpeech Verena Ross_Launch of the EU Digital Finance Platfrom

ContextClosing remarks at the virtual launch of the EU Digital Finance Platform; ESMA protects investors and works with other authorities to support fintech.

Why it mattersRoss welcomes a joint tool letting start-ups test products in several member states at once.

Problems raised
  1. FinTech struggles to scale across the EU.
  2. Cross-border testing is difficult.
  3. Supervisors need to spot new risks.
Solutions proposed
  1. Launch the EU Digital Finance Platform.
  2. Use the cross-border testing framework.
  3. Add a data hub for testing innovations.
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· Verena Ross Wiki · European Securities and Markets Authority WikiESMA_Speech_Verena_Ross_EACT_Summit

ContextSpeech at the European Association of Corporate Treasurers summit in Brussels; ESMA protects investors and keeps EU markets orderly, and supervises credit rating agencies.

Why it mattersRoss explains ESMA's tools for supervising credit rating agencies.

Problems raised
  1. Markets must finance the real economy.
  2. Credit rating agencies carry risks.
  3. Supervisors need effective tools.
Solutions proposed
  1. Ensure orderly capital markets.
  2. Engage with and investigate rating agencies.
  3. Require remedial action plans where needed.
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· Verena Ross Wiki · European Securities and Markets Authority WikiVerena Ross' Speech at Eurofi 2022 - The major challenges facing securities regulators

ContextSpeech at the Eurofi forum in Paris, back in person after the pandemic; ESMA protects investors and keeps EU markets orderly, and faces new regulatory challenges.

Why it mattersRoss lists the major challenges facing securities regulators.

Problems raised
  1. The pandemic created new challenges.
  2. Risks to financial stability keep evolving.
  3. Securities regulators face major tasks.
Solutions proposed
  1. Return to direct engagement with the industry.
  2. Improve monitoring of risks and vulnerabilities.
  3. Build resilience for future challenges.
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· Verena Ross Wiki · European Securities and Markets Authority WikiKeynote Speech - Verena Ross - Keeping on track in an evolving digital world

ContextKeynote at Afore Consulting's sixth FinTech and Regulation Conference; ESMA protects investors and keeps EU markets orderly, and warns about unregulated crypto.

Why it mattersRoss notes that slick promotions often hide firms with no licence and no recourse for clients.

Problems raised
  1. Digital technology is changing finance radically.
  2. Aggressive marketing hides unregulated crypto firms.
  3. Investors have no protection when things go wrong.
Solutions proposed
  1. Keep supervision on track with digital change.
  2. Warn consumers about unregulated crypto.
  3. Balance innovation with investor protection.
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