Maijoor faces significant challenges as ESMA chairman

12/26/2011 | New York Times (tiered subscription model), The

Steven Maijoor, chairman of the European Securities and Markets Authority, faces a daunting task as the agency aims to create and streamline securities regulations for the EU's 27 members. National regulators' lack of coordination has been problematic, with European officials struggling to gain a clear picture about the performance of credit default swaps and other complicated financial products. "There's a likelihood that the impact on the financial system could have been smaller if we had access to more information," Maijoor said. "Now, we're in a much better position than before the credit crisis."

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