Czech central bank concerned over Esma's power

The Czech National Bank (CNB) has expressed concern over the balance of power between national supervisors and the European Securities and Markets Authority (Esma). As one of three new European supervisory authorities, Esma will be responsible for writing many of the detailed rules required by incoming regulations and directives, but it also has some direct supervisory powers – over credit rating agencies, for example – and the CNB says attempts are being made to expand this element of the