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ICMA AMIC publishes position on ESRB review
16 May 2018 AMIC has issued a position paper on the on-going review of the European Systemic Risk Board (ESRB). In light of the recent Recommendation on liquidity and leverage risks in investment funds (ESRB/2017/6), we believe that ESRB’s governance could be improved. AMIC believes that the lack of public consultation, the intrusion by macro-risk supervision into the field of micro-regulation, and the unbalanced composition of the board of the ESRB justifies that the ESRB review includes an improvement of the functioning and composition of the ESRB. AMIC lays out two targeted changes to the ESRB review proposal to balance the composition of the ESRB to ensure greater representation from securities markets and to ensure consultation with industry takes place where legislative change is recommended.

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