ESMA Appoints New Chair and Independent Members

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has appointed Klaus Löber as Chair of the CCP Supervisory Committee and Nicoletta Giusto and Froukelien Wendt as Independent Members formally.

Steven Maijoor, the Chair of ESMA, commented on the appointment in an statement: “The appointment of Klaus Löber as Chair and Nicoletta Giusto and Froukelien Wendt as Independent Members marks the conclusion of a successful selection procedure. It is an important step in completing the implementation of the EMIR 2.2 regime to ensure consistent and effective supervision of EU and global clearing infrastructures.”

Klaus Löber has abundant experience in market infrastructures. He served as senior legal counsel at Deutsche Bundesbank during the initial phase of his career. He has almost 15-year experience in European Central Bank, currently serving as head of division. During 2012 to 2016, he worked as head of secretariat, committee on payments and market infrastructures at Bank for International Settlements.

Nicoletta Giusto currently serves as Senior Director and Head of International Relations at Commissione Nazionale per le Società e la Borsa (CONSOB).

Froukelien Wendt, Senior Financial Sector Expert at the International Monetary Fund (IMF), leading in securities and derivatives clearing and settlement systems, including central counterparties and central securities depositories, and payments.

“The new organisational set-up of the CCP Supervisory Committee will strengthen ESMA’s role in enhancing the safety and efficiency of CCPs both in the EU and in third countries’’, Steven added.

After an open selection procedure was completed and these three individuals were nominated by ESMA’s Board of Supervisor in August 2020, the European Parliament (EP) approved the selected individuals on 14 September 2020 following a hearing by the Committee on Economic and Monetary Affairs. They will serve for five years and the mandate can be extended once.