Steven Maijoor, chairman of the European Securities and Markets Authority, said that the “twisted and inappropriate funding system” for the agency needs to change. “One issue where there needs to be an improvement is the funding of Esma," Maijoor said. "One of the reasons this is problematic is because our funding comes from national regulators: the same authorities that need to deliver more because of new regulations like the European Market Infrastructure Directive, the Alternative Investment Fund Managers Directive etc. When they give us more, they get less."

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