即将卸任的欧盟证券监管机构主席表示，在她有生之年，该机构不太可能达到其美国同行的监管范围——但她警告称，推动更有效的市场监管将取决于能否建立让监管机构迅速行动的治理架构。
The outgoing chair of the European Union’s securities watchdog said it’s unlikely to match the scope of its US counterpart in her lifetime — but warned that a push for more effective market oversight will depend on governance that lets the regulator act swiftly.
劳拉·努南 报道 维罗尼卡·罗斯表示，随着欧盟即将达成协议，将其资本市场大部分领域的监督权集中起来，并赋予欧洲证券和市场管理局（ESMA）在27国集团内快速、一致地做出决策的权力，治理问题是关键。
By Laura Noonan Verena Ross said that’s the key issue as the EU closes in on a deal to centralize supervision of large parts of its capital markets, and give a turbo-charged European Securities and Markets Authority room to make decisions quickly and consistently across the 27-nation bloc.
“监管范围可以调整，标准可以改变，市场结构也会变化，”她周二在接受彭博社采访时表示。但她强调，治理至关重要，因为这归结为“谁来做决定、职责是否清晰、能否真正实现高效有效的监督”等问题。根据所谓的“市场融合与监管套餐”（MISP），欧盟计划将监督和执法权集中到总部设在巴黎的ESMA手中。此次改革将设立一个新的执行委员会，协助现有的国家主管机构委员会共同运作监管机构。
“Scope you can adjust, criteria can change, market structures change,” she told Bloomberg in an interview on Tuesday. Yet governance is crucial, she said, because it comes down to questions like “who takes decisions, are responsibilities clear, can you actually have efficient and effective supervision.”With the so-called Markets Integration and Supervision Package, or MISP, the EU plans to centralize supervision and enforcement under Paris-based ESMA. The overhaul would create a new executive board to help run the regulator alongside its existing board of national authorities.
欧盟部长理事会已达成一项立场，将对执行委员会的权力施加更多制约，使国家监管机构保留更大影响力。该妥协方案现在必须与欧洲议会和欧盟执行机构——欧盟委员会进行协调，才能达成最终协议。罗斯表示，过多的制约可能会削弱该套餐的一些预期效益。
The EU’s council of ministers has agreed on a position that would put more checks on what the executive board can do, leaving national regulators with greater influence. A compromise will now have to be reconciled with the European Parliament and the European Commission, the bloc’s executive arm, before a final deal can be struck. Ross said that too many constraints could undermine some of the package’s intended benefits.
“如果转向更多的欧盟层面监管，其好处之一本应是能够真正加快行动步伐，并形成清晰统一的欧盟层面成果，”她说。此前，她曾批评给予部分企业的豁免条款，称这有削弱该套餐效力的风险。她的最新警告紧随其后。
欧洲央行行长克里斯蒂娜·拉加德将此次改革描述为打造一个类似美国证券交易委员会（SEC）的机构，但德国经济学家罗斯表示，这种比较只能到此为止。
“If you move to more EU level supervision, one of the benefits should be that you can actually move faster and have clear common EU outcomes,” she said. Her warning follows earlier criticism of exemptions for some firms that she said risked weakening the package. European Central Bank President Christine Lagarde has cast the overhaul as creating an agency like the US Securities and Exchange Commission, though Ross, a German economist, said there are limits to how far that comparison can go.
罗斯说：“美国证券交易委员会已经存在了100年。它实际上监管美国金融市场的方方面面。我肯定看不到欧洲证券和市场管理局（ESMA）在我有生之年能达到那个地位。”欧盟内部的分歧已经在谈判中最棘手的两个部分显现出来：加密货币公司和德国的德意志交易所。
“The SEC in the US has been around for 100 years,” Ross said. “It is covering really everything in the financial markets in the US. I don’t see ESMA in my lifetime certainly getting to that position.”EU tensions are already visible in two of the thorniest parts of the negotiations: crypto firms and Germany’s Deutsche Boerse.
虽然最初的方案设想由欧洲证券和市场管理局监管所有加密货币公司，但罗斯表示：“只要一些更重要的跨境参与者在欧盟层面受到监管，我认为我们可以让这套机制运转起来。”各国政府磋商出的草案将欧洲证券和市场管理局的直接监管范围限定在重要的加密货币公司，此前最初的提案招致了以马耳他为首的国家的强烈抨击。
While the package initially envisaged ESMA overseeing all crypto firms, Ross said that “as long as there are some of the more important cross-border players that are supervised at the EU level, I think we can make that work.”The draft deal thrashed out by governments would confine direct ESMA supervision to significant crypto firms, after the initial proposals drew fierce backlash from countries led by Malta.
早些时候，罗斯在接受彭博电视台采访时表示，她认为所有大型跨境市场基础设施参与者都应接受中央监管，并应在企业间保持“公平竞争环境”。理事会协议缩小了拟议的市场基础设施监管范围（MISP），使得德意志交易所可以避免接受欧洲证券和市场管理局的监管，因为其大部分业务是国内业务。
Earlier, Ross told Bloomberg TV that she believed all large cross-border markets infrastructure players should be centrally supervised and that a “level playing field” should be maintained among firms. The council agreement narrowed the proposed scope of MISP so that Deutsche Boerse can avoid ESMA supervision since most of its business is domestic.
罗斯谈到部长们达成的总体协议时说：“这显然是理事会的一个妥协。”“未完成的事项”该制度的最终形式仍未定型。罗斯希望欧洲议会尽快确立立场，以便议会、理事会和委员会之间的所谓“三方会谈”能在12月或明年年初开始。
“This clearly is a compromise in the council,” Ross said of the overall agreement between ministers. ‘Unfinished Business’The final shape of the regime is still open. Ross hopes the EU parliament will agree its position soon, so that the so-called trilogue negotiations between the assembly, Council and the commission can begin in December or early next year.
“重要的是，我们尚未看到议会将提出什么方案，最终通过三方磋商（trilogues）我们将看到结果，”她说。“所以我现在不会对目前的状况做任何判断，因为这还不是最终状态。”
“I think what is important is that we haven’t yet seen what the parliament will come up with, and then ultimately through trilogues we will see where this ends,” she said. “So I’m not going to now make any judgment on where we are because it’s not the end state.”
监管权之争只是整个立法包的一部分。罗斯认为，促进欧洲交易、清算和结算服务提供商之间融合的措施更为重要，因为现行制度导致“任何跨境交易和投资都极其困难且成本高昂”。任期仅剩四天，58 岁的罗斯将无法亲眼见证这项改革的最终落地。但在欧洲证券市场管理局（ESMA）工作 15 年、担任执行总监长达十年之后，她说她对交接感到安心。
The supervision fight is only one part of the wider package. Ross argues that measures promoting integration between trading, clearing and settlement providers across Europe are more important because the current regime means “any cross-border trading and investing is incredibly difficult and costly.”With just four days left in her mandate, Ross, 58, will not be there to see how the overhaul plays out. But after 15 years at ESMA, including a decade as a executive director, she said she is comfortable handing over.
“在任何工作中，你最终都会留下一些未完成的事务，不可能事事都做完，”她说。“我觉得，我离开时 ESMA 处于强势地位，基本已准备好承担这些新职责并将其落实。”
“In any job, you end up with some unfinished business, it’s not like you can ever finish everything,” she said. “And what I feel is, I’m leaving at a time where ESMA is in a strong position to basically stand ready to take up these new responsibilities and implement them.”