Shortlist for chair of EU markets watchdog position revealed

The new chair of ESMA will take up the role in April 2021 once Steven Maijoor steps down.

By Annabel Smith

A shortlist of candidates that the EU markets regulator is considering for the role of chair once Steven Maijoor steps down from the position next year has been revealed.

The European Securities and Markets Authority (ESMA) confirmed that Maria-Luis Albuquerque, Carmine di Noia, and Verena Ross, have been proposed to the council of the European Union and European Parliament for consideration of the senior role. 

ESMA confirmed in July that its current chair, Steven Maijoor, would be stepping down in March 2021 after reaching the maximum term an individual can serve in the role. ESMA maintained that the envisaged start date for the new chair will be 1 April 2021.

Albuquerque has previously served as a minister for finance for the Portuguese Government, a member of the Portuguese parliament, and as a member of the European Commission.

 Noia is the current commissioner for Italian regulatory watchdog, Commissione Nazionale per le Società e la Borsa, which he has held for five years. Prior to this, he served as deputy director general at AXONYM for nearly 11 years.

Ross is currently an executive director at ESMA, a role which she has held for nearly 10 years. She previously served as a director at UK financial watchdog the Financial Conduct Authority for 13 years. 

“The shortlisted candidates were selected based on their merit, skills, knowledge of financial market participants and markets, and of their experience relevant to financial supervision and regulation, following an open selection procedure,” said ESMA.