José Carlos Sánchez-Vizcaíno, Director of Depositary Supervision at Cecabank, took part in the debate on the European Commission’s proposal to centralise certain supervisory powers within the framework of the Capital Markets Union and the Savings and Investments Union (SIU).
José Carlos stated: “Maintaining a leading role for the NCAs, given their knowledge of the local market and their proximity to the supervised entities, is essential to properly calibrate supervisory action and optimise investor protection. Domestic supervision adapts to the real heterogeneity of markets and helps to foster innovation and the adoption of best practices among NCAs”.
He also stressed the need to improve coordination and data sharing, rather than reassigning powers: “There are authorities that have different levels of information on the activity of supervised entities, so there is room for improvement in this area”, highlighting the value of the level of data available to the Spanish supervisor and supporting the creation of European repositories or shared systems that would allow NCAs to access information on entities operating in different jurisdictions and enable ESMA to coordinate actions, without replacing day-to-day national supervisory work.
