Niamh Moloney is Professor of Financial Markets Law at the London School of Economics and Political Science and a Fellow of the British Academy.

For academics and practitioners alike, if one wishes to gain a better understanding of how ESMA operates, there is no way around reading this highly commendable work.

• 1. Introducing ESMA I. Introduction: Examining ESMA through an Institutional Lens II. Characterising ESMA: ESMA’s Setting and its Role III. Contextualising ESMA IV. Technocratic Influence, Effectiveness, and Legitimacy V. Roadmap 2. ESMA’s Governance I. Assessing ESMA and its Governance Arrangements II. Examining ESMA’s Governance Arrangements III. Contextualising ESMA’s Governance Arrangements: Influence, Effectiveness, and Legitimacy IV. ESMA’s Institutional Design V. ESMA’s External Governance Arrangements VI. ESMA’s Funding Arrangements VII. Conclusion 3. ESMA and Regulatory Governance I. Assessing ESMA and the Regulatory Governance Setting II. Examining ESMA’s Role in Regulatory Governance III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy IV. Building the Single Rule-book: ESMA as Architect of EU Administrative Financial Market Regulation V. Building the Soft Law Rule-book: ESMA as the Designer and Custodian of EU Financial Market Soft Law VI. The Legislative Process: Shaping Regulatory Governance from the Bottom Up VII. Conclusion 4. ESMA and Supervisory Convergence I. Assessing ESMA and the Supervisory Convergence Setting II. Examining ESMA’s Role in Supervisory Convergence III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy IV. Supervisory Convergence in Practice V. Conclusion 5. ESMA and Direct Supervision/Market Intervention I. Assessing ESMA and the Direct Supervision/Market Intervention Setting II. Examining ESMA’s Role as a Direct Supervisor III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy IV. Direct Supervision in Practice: Rating Agencies and Trade Repositories V. NCA-Oriented Supervision: Breach of EU Law, Binding Mediation, and Emergency Conditions VI. Exceptional Intervention: Short Selling, Product/Services Intervention, and Intervention in the CommodityDerivatives Market VII. Th e 2017/2018 Reform Waypoint (1): CCP Supervision and the ‘European Supervisory Mechanism’ VIII. Th e 2017/2018 Reform Waypoint (2): Th e 2017 ESA Proposal IX. And the Direction of Travel Continues: Th e 2018 Crowdfunding ProposalX. Conclusion 6. ESMA as a Network Actor I. ESMA as a Network Actor II. ESMA and the EU Financial Governance Network III. ESMA and the International Financial Market Governance Network IV. Conclusion

Niamh Moloney is Professor of Financial Markets Law at the London School of Economics and Political Science and a Fellow of the British Academy.

For academics and practitioners alike, if one wishes to gain a better understanding of how ESMA operates, there is no way around reading this highly commendable work.

• 1. Introducing ESMA I. Introduction: Examining ESMA through an Institutional Lens II. Characterising ESMA: ESMA’s Setting and its Role III. Contextualising ESMA IV. Technocratic Influence, Effectiveness, and Legitimacy V. Roadmap 2. ESMA’s Governance I. Assessing ESMA and its Governance Arrangements II. Examining ESMA’s Governance Arrangements III. Contextualising ESMA’s Governance Arrangements: Influence, Effectiveness, and Legitimacy IV. ESMA’s Institutional Design V. ESMA’s External Governance Arrangements VI. ESMA’s Funding Arrangements VII. Conclusion 3. ESMA and Regulatory Governance I. Assessing ESMA and the Regulatory Governance Setting II. Examining ESMA’s Role in Regulatory Governance III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy IV. Building the Single Rule-book: ESMA as Architect of EU Administrative Financial Market Regulation V. Building the Soft Law Rule-book: ESMA as the Designer and Custodian of EU Financial Market Soft Law VI. The Legislative Process: Shaping Regulatory Governance from the Bottom Up VII. Conclusion 4. ESMA and Supervisory Convergence I. Assessing ESMA and the Supervisory Convergence Setting II. Examining ESMA’s Role in Supervisory Convergence III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy IV. Supervisory Convergence in Practice V. Conclusion 5. ESMA and Direct Supervision/Market Intervention I. Assessing ESMA and the Direct Supervision/Market Intervention Setting II. Examining ESMA’s Role as a Direct Supervisor III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy IV. Direct Supervision in Practice: Rating Agencies and Trade Repositories V. NCA-Oriented Supervision: Breach of EU Law, Binding Mediation, and Emergency Conditions VI. Exceptional Intervention: Short Selling, Product/Services Intervention, and Intervention in the CommodityDerivatives Market VII. Th e 2017/2018 Reform Waypoint (1): CCP Supervision and the ‘European Supervisory Mechanism’ VIII. Th e 2017/2018 Reform Waypoint (2): Th e 2017 ESA Proposal IX. And the Direction of Travel Continues: Th e 2018 Crowdfunding ProposalX. Conclusion 6. ESMA as a Network Actor I. ESMA as a Network Actor II. ESMA and the EU Financial Governance Network III. ESMA and the International Financial Market Governance Network IV. Conclusion

Niamh Moloney is Professor of Financial Markets Law at the London School of Economics and Political Science and a Fellow of the British Academy.

For academics and practitioners alike, if one wishes to gain a better understanding of how ESMA operates, there is no way around reading this highly commendable work.

• 1. Introducing ESMA I. Introduction: Examining ESMA through an Institutional Lens II. Characterising ESMA: ESMA’s Setting and its Role III. Contextualising ESMA IV. Technocratic Influence, Effectiveness, and Legitimacy V. Roadmap 2. ESMA’s Governance I. Assessing ESMA and its Governance Arrangements II. Examining ESMA’s Governance Arrangements III. Contextualising ESMA’s Governance Arrangements: Influence, Effectiveness, and Legitimacy IV. ESMA’s Institutional Design V. ESMA’s External Governance Arrangements VI. ESMA’s Funding Arrangements VII. Conclusion 3. ESMA and Regulatory Governance I. Assessing ESMA and the Regulatory Governance Setting II. Examining ESMA’s Role in Regulatory Governance III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy IV. Building the Single Rule-book: ESMA as Architect of EU Administrative Financial Market Regulation V. Building the Soft Law Rule-book: ESMA as the Designer and Custodian of EU Financial Market Soft Law VI. The Legislative Process: Shaping Regulatory Governance from the Bottom Up VII. Conclusion 4. ESMA and Supervisory Convergence I. Assessing ESMA and the Supervisory Convergence Setting II. Examining ESMA’s Role in Supervisory Convergence III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy IV. Supervisory Convergence in Practice V. Conclusion 5. ESMA and Direct Supervision/Market Intervention I. Assessing ESMA and the Direct Supervision/Market Intervention Setting II. Examining ESMA’s Role as a Direct Supervisor III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy IV. Direct Supervision in Practice: Rating Agencies and Trade Repositories V. NCA-Oriented Supervision: Breach of EU Law, Binding Mediation, and Emergency Conditions VI. Exceptional Intervention: Short Selling, Product/Services Intervention, and Intervention in the CommodityDerivatives Market VII. Th e 2017/2018 Reform Waypoint (1): CCP Supervision and the ‘European Supervisory Mechanism’ VIII. Th e 2017/2018 Reform Waypoint (2): Th e 2017 ESA Proposal IX. And the Direction of Travel Continues: Th e 2018 Crowdfunding ProposalX. Conclusion 6. ESMA as a Network Actor I. ESMA as a Network Actor II. ESMA and the EU Financial Governance Network III. ESMA and the International Financial Market Governance Network IV. Conclusion