Abstract This article considers the European Securities and Markets Authority (ESMA) which was established in January 2011 as part of the EU’s response to the Global Financial Crisis. It examines the quasi-rule-making powers and supervisory powers which were conferred on ESMA and considers how these powers have operated over the first year or so of ESMA’s operation. It concludes that ESMA has made a significant contribution to EU financial market governance since its establishment, that its quasi-rule-making powers have proved effective in practice, and that ESMA’s suite of supervisory powers have been carefully deployed.
