A key advisory body to financial regulator the European Securities and Markets Authority has been described as having “limited usefulness", as a review of the EU's two-year-old regulatory regime nears its conclusion.

Esma's Securities and Markets Stakeholder Group, which is comprised of 30 industry experts, was established as a key link between market participants and policymakers. It is primarily an advisory body, helping Esma to draw up technical standards for new rules and ensuring the consistent application of those rules across member states.