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Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (ESMA Regulation)RecitalsChapter I Establishment and legal status (arts. 1-7)Article 1 Establishment and scope of actionArticle 2 European System of Financial SupervisionArticle 3 Accountability of the AuthoritiesArticle 4 DefinitionsArticle 5 Legal statusArticle 6 CompositionArticle 7 SeatChapter II Tasks and powers of the authority (arts. 8-39)Article 8 Tasks and powers of the AuthorityDraft Article 8a Duty of cooperationArticle 9 Tasks related to consumer protection and financial activitiesArticle 9a No action lettersArticle 10 Regulatory technical standardsArticle 11 Exercise of the delegationArticle 12 Revocation of the delegationArticle 13 Objections to regulatory technical standardsArticle 14 Non-endorsement or amendment of draft regulatory technical standardsArticle 15 Implementing technical standardsArticle 16 Guidelines and recommendationsArticle 16a OpinionsArticle 16b Questions and answersArticle 17 Breach of Union lawArticle 17a Protection of reporting personsDraft Article 17aa Failure in supervision on approval of financial products, services or entitiesDraft Article 17aaa Suspension of rights to provide services on a cross-border basisArticle 18 Action in emergency situationsArticle 19 Settlement of disagreements between competent authorities in cross-border situationsDraft Article 19a Collaboration platformsArticle 20 Settlement of disagreements between competent authorities across sectorsArticle 21 Colleges of supervisorsArticle 22 General provisions on systemic riskArticle 23 Identification and measurement of systemic riskArticle 24 Permanent capacity to respond to systemic risksArticle 25 Recovery and resolution proceduresArticle 26 European system of national Investor Compensation SchemesArticle 27 European system of resolution and funding arrangementsArticle 28 Delegation of tasks and responsibilitiesDraft Article 28a Mutual assistance between competent authoritiesDraft Article 28b General principles applicable to the enforcement of decisions imposing administrative finesArticle 29 Common supervisory cultureArticle 29a Union strategic supervisory prioritiesArticle 30 Peer reviews of competent authoritiesArticle 31 Coordination functionArticle 31a Information exchange on fitness and proprietyArticle 31b Coordination function in relation to orders, transactions and activities with significant cross-border effectsArticle 32 Assessment of market developments, including stress testsArticle 33 International relations including equivalenceArticle 34 Other tasksArticle 35 Collection of informationArticle 35a Exchange of information between authorities and with other entitiesArticle 35b Integrated reporting systemArticle 36 Relationship with the ESRBArticle 37 Securities and Markets Stakeholder GroupArticle 38 SafeguardsArticle 39 Decision-making proceduresDraft Article 35c Data platformDraft Chapter IIa Powers of the authority over financial market participants under the authority's suupervision (draft arts. 39a-39n)Draft Article 39a ScopeDraft Article 39b Requests for informationDraft Article 39c InvestigationsDraft Article 39d On-site inspectionsDraft Article 39e Procedural rules for supervisory measures and finesDraft Article 39f FinesDraft Article 39g Periodic penalty paymentsDraft Article 39h Supervisory measuresDraft Article 39i Administrative sanctions and measures against natural personsDraft Article 39j Hearing of the persons concernedDraft Article 39k Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsDraft Article 39l SettlementDraft Article 39m Review by the Court of Justice of the European UnionDraft Article 39n Supervisory feesChapter III Organisation (arts. 40-53)Section 1 Board of Supervisors (arts. 40-44)Article 40 CompositionArticle 41 Internal committeesArticle 42 Independence of the Board of SupervisorsArticle 43 TasksArticle 43a Transparency of decisions adopted by the Board of SupervisorsArticle 44 Decision makingSection 2 Management Board (drafts. 44a-44b and arts. 45-47)Draft Article 44a Composition and appointment of the Executive BoardDraft Article 44b Decision-makingArticle 45 CompositionArticle 45a Decision-makingDraft Article 45c Internal committeesArticle 45b Coordination GroupsArticle 46 Independence of the Management BoardDraft Article 46a Tasks of the Executive BoardArticle 47 TasksSection 3 Chairperson (arts. 48-50)Article 48 Appointment and tasksArticle 49 Independence of the ChairpersonArticle 49a ExpensesArticle 50 ReportSection 4 Executive Director (arts. 51-53)Article 51 AppointmentArticle 52 IndependenceArticle 53 TasksChapter IV Joint bodies of the European Supervisory Authorities (arts. 54-59)Section 1 Joint Committee of European Supervisory Authorities (arts. 54-57)Article 54 EstablishmentArticle 55 CompositionArticle 56 Joint positions and common actsArticle 57 Sub-CommitteesSection 2 Board of Appeal (arts. 58-59)Article 58 Composition and operationArticle 59 Independence and impartialityChapter V Remedies (arts. 60-61)Article 60 AppealsArticle 60a Exceeding of competence by the AuthorityArticle 61 Actions before the Court of Justice of the European UnionChapter VI Financial provisions (arts. 62-66)Article 62 Budget of the AuthorityArticle 63 Establishment of the budgetArticle 64 Implementation and control of the budgetArticle 65 Financial rulesArticle 66 Anti-fraud measuresChapter VII General provisions (arts. 67-75)Article 67 Privileges and immunitiesArticle 68 StaffArticle 69 Liability of the AuthorityArticle 70 Obligation of professional secrecyArticle 71 Data protectionArticle 72 Access to documentsArticle 73 Language arrangementsArticle 74 Headquarters AgreementArticle 75 Participation of third countriesDraft Chapter VIIa Delegated Acts (draft. 75a)Draft Article 75a Exercise of delegationChapter 8 Transitional and final provisions (arts. 76-82)Article 76 Relationship with the Committee of European Securities RegulatorsArticle 77 Transitional staff provisionsArticle 78 National provisionsArticle 79 AmendmentsArticle 80 RepealArticle 81 ReviewArticle 82 Entry into forceDone at
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AI Summary of Article 45 Composition

The Management Board comprises the Chairperson and six members drawn from and elected by the voting members of the Board of Supervisors. Except for the Chairperson, each member has an alternate who may replace them if prevented from attending. Members elected by the Board of Supervisors serve a term of two-and-a-half years, extendable once; mandates are overlapping, subject to an appropriate rotating arrangement, and the composition must be gender balanced, proportionate and reflective of the Union as a whole.

The Chairperson convenes and chairs Management Board meetings, either on their own initiative or at the request of at least a third of members. The Management Board must meet prior to every Board of Supervisors meeting, as often as it deems necessary and at least five times a year. Members may be assisted, subject to the rules of procedure, by advisers or experts. Non-voting members, other than the Executive Director, shall not attend discussions relating to individual financial market participants.

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Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2020 - onwards
Version 4 of 4

Article 45 Composition

DRAFT To be deleted Article 1 Amendments to Regulation (EU) No 1095/2010 of the Proposal for a Regulation of the European parliament and of the Council amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union (COM(2025) 943 final / 2025/0383 (COD))
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1. The Management Board shall be composed of the Chairperson and six members of the Board of Supervisors, elected by and from the voting members of the Board of Supervisors.

Other than the Chairperson, each member of the Management Board shall have an alternate, who may replace him or her if he or she is prevented from attending. 

2. The term of office of the members elected by the Board of Supervisors shall be two-and-a-half years. That term may be extended once. The composition of the Management Board shall be gender balanced and proportionate and shall reflect the Union as a whole. Mandates shall be overlapping and an appropriate rotating arrangement shall apply.

3. Meetings of the Management Board shall be convened by the Chairperson at his or her own initiative or at the request of at least a third of its members, and shall be chaired by the Chairperson. The Management Board shall meet prior to every meeting of the Board of Supervisors and as often as the Management Board deems necessary. It shall meet at least five times a year.

4. The members of the Management Board may, subject to the rules of procedure, be assisted by advisers or experts. The non-voting members, with the exception of the Executive Director, shall not attend any discussions within the Management Board relating to individual financial market participants.

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