The European Securities and Markets Authority’s budget letter to EU officials paints a grim picture of resources at the super-regulator.

Esma last September asked for a 2015 budget of €38.6 million, 147 staff, along with an additional €3.1 million for tasks delegated from the regional regulators it oversees. However, in the EU budget approved on December 17, it actually received €33.6 million, with 10 less personnel than it wanted. The figures were revealed in a letter sent by Esma to European commissioners earlier this month.