The paper aims at identifying the main challenges faced by the National Competent Authorities responsible for securities regulation and supervision of small EU and EEA EFTA Member States (SNCAs), within the context of the existing EU regulatory and supervisory framework. The central argument of the paper is that SNCAs face human, technical and financial resource limitations, which have an impact on their level of participation in the discussion at the European Securities andMarkets Authority (ESMA) and with regard to supervision when compared to their larger peers. The paper also makes the point that the likelihood of regulatory capture is another challenge faced by SCNAs, which may also have an impact on their level and quality of supervisory engagement. These structural disadvantages may be addressed by SNCAs if they form alliances and pool resources for this purpose. The paper makes a number of proposals in this regard. The research question this paper aims at addressing is: What are the challenges faced by the NCAs responsible for securities regulation of small EU and EEA EFTA Member States in the context of the evolving European framework for financial regulation and supervision? The hypothesis of this paper is that the challenges faced by SNCAs that result from the lack of resources and the likelihood of regulatory capture may be alleviated or resolved if SNCAs are willing to form alliances and pool resources to: [a] set up a network of SNCAs to discuss the challenges faced and come to common positions; [b] invest in supervisory technology; [c] establish an academy for financial supervisors to train their staff; [d] put proportionality back in Europe’s regulatory and supervisory agenda; and [e] discuss the possible implementation of robust governance measures to mitigate the risk of regulatory capture. In terms of methodology, the author identified the main challenges of SNCAs and the possible solutions in this regard. This exercise was based on the author’s eighteen years of experience as a financial regulator/ supervisor in Malta, EU’s smallest Member State by population, and twelve years representing the Malta Financial Services Authority in EU related fora, including the Committee of European Securities Regulators and ESMA. The identified challenges were discussed with the former deputy-governor of the Central Bank of Malta and two former experienced financial regulators, who provided their views in this regard. These challenges and the proposed solutions formed the basis of a questionnaire which was sent to high officials of SNCAs of eleven EU Member States and three EEA EFTA States. A copy of the questionnaire sent to SNCAs has been included as annex 1 to this paper. The selected jurisdictions have a population below 5.5 million and are considered as Europe’s small states. Thirteen SNCAs replied to the questionnaire which represent 93% of the sampled population. The replies to the questionnaire, which have been analysed to identify general trends, are presented on an anonymous basis as this was one of the conditions agreed with the participants. The value of the paper is that it examines the challenges faced by SNCAs in the context of the European framework for securities regulation and supervision. These challenges are a specific field of the governance of financial regulation and supervision that has not been the subject of any sufficient degree of academic consideration and research. The rest of the paper is divided into four additional sections. Section 2 briefly examines the current European regulatory framework and supervisory regime, including the proposals for the review of ESMA. Section 3 identifies the challenges faced by SNCAs. Section 4 analyses the replies received to the questionnaire. Some concluding remarks are made in the final section of this paper.

中文翻译：

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欧盟对证券业务的监管和监督：欧盟和欧洲经济区欧洲自由贸易联盟小成员国国家主管部门面临的挑战的批判性分析

本文旨在确定在现有欧盟监管框架范围内，负责欧盟和欧洲经济区欧洲自由贸易联盟小成员国 (SNCA) 证券监管和监督的国家主管当局面临的主要挑战。该论文的中心论点是，SNCA 面临人力、技术和财务资源的限制，与较大的同行相比，这对其在欧洲证券和市场管理局 (ESMA) 的讨论中的参与程度以及监管方面产生了影响. 该论文还指出，监管捕获的可能性是 SCNA 面临的另一个挑战，这也可能对其监管参与的水平和质量产生影响。如果 SNCA 结成联盟并为此目的汇集资源，则这些结构性劣势可能会得到解决。文件在这方面提出了一些建议。本文旨在解决的研究问题是：在不断发展的欧洲金融监管和监督框架的背景下，负责欧盟和 EEA EFTA 小成员国证券监管的 NCA 面临哪些挑战？本文的假设是，如果 SNCA 愿意结成联盟并汇集资源以： [a] 建立一个网络，那么 SNCA 由于缺乏资源和监管捕获的可能性而面临的挑战可能会得到缓解或解决。 SNCA 讨论面临的挑战并达成共同立场；[b] 投资于监管技术；[c] 建立金融监管学院以培训其员工；[d] 将相称性重新纳入欧洲的监管议程；[e] 讨论可能实施强有力的治理措施以减轻监管捕获的风险。在方法论方面，作者确定了 SNCA 的主要挑战以及这方面可能的解决方案。本次练习基于作者在马耳他（欧盟人口最少的成员国）担任金融监管机构/监管者 18 年的经验，以及在欧盟相关论坛（包括欧洲证券监管委员会和 ESMA）代表马耳他金融服务管理局的 12 年经验. 与马耳他中央银行前副行长和两名经验丰富的前金融监管机构讨论了已确定的挑战，谁在这方面提供了他们的意见。这些挑战和提议的解决方案构成了一份问卷的基础，该问卷已发送给 11 个欧盟成员国和 3 个 EEA EFTA 国家的 SNCA 的高级官员。发送给 SNCA 的问卷副本已作为附件 1 列入本文件。所选辖区的人口低于 550 万，被视为欧洲的小国。13 个 SNCA 回答了调查问卷，占样本人口的 93%。对调查问卷的答复经过分析以确定总体趋势，以匿名方式提供，因为这是与参与者商定的条件之一。该论文的价值在于，它在欧洲证券监管框架的背景下研究了 SNCA 面临的挑战。这些挑战是金融监管和监督治理的一个特定领域，尚未成为任何足够程度的学术考虑和研究的主题。本文的其余部分分为四个附加部分。第 2 节简要审查了当前的欧洲监管框架和监管制度，包括审查 ESMA 的建议。第 3 节确定了 SNCA 面临的挑战。第 4 节分析了对问卷的答复。在本文的最后一节中做了一些总结性评论。第 2 节简要审查了当前的欧洲监管框架和监管制度，包括审查 ESMA 的建议。第 3 节确定了 SNCA 面临的挑战。第 4 节分析了对问卷的答复。在本文的最后一节中做了一些总结性评论。第 2 节简要审查了当前的欧洲监管框架和监管制度，包括审查 ESMA 的建议。第 3 节确定了 SNCA 面临的挑战。第 4 节分析了对问卷的答复。在本文的最后一节中做了一些总结性评论。