The European Securities and Markets Authority (ESMA) has released the shortlist of candidates competing to lead the regulator when Steven Maijoor steps down as chair on 31 March 2021.
The finalists include Portugal's former minister of finance Maria-Luis Albuquerque, Carmine di Noia, commissioner for the Italian financial market regulator, and Verena Ross, executive director of ESMA.
Maijoor steps away from the role after serving the maximum 10-year term allowed, having ascended to become ESMA’s first chair in April 2011.
If Albuquerque or Ross are tapped to succeed him they will become the first woman to take the top job at a European supervisory authority. Ross already claims the title of the first and only women to serve as executive director at an EU authority.
ESMA says that 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.
The list has been sent to the EU’s council for final selection and to the European Parliament for confirmation.
The EU markets watchdog says it envisages the new chair will begin a five-year term on 1 April 2021.
Based in Paris, the position is a full-time independent professional as the head and external representative of ESMA, with responsibilities including development of the authority’s long-term strategy and objectives.
The chair will also act as a voting member of the board of supervisors and the management board.
