This follows a vote by ESMA's Board of Supervisors. Before taking up his duties, the selected Chairperson will be heard by the European Parliament who has up to one month to object to his designation. The Chairperson represents ESMA, and is responsible for preparing the work of the Board of Supervisors and chairs the meetings of the Board of Supervisors and the Management Board. The full-time Chair of ESMA will serve for a term of five years, based at ESMA's headquarters in Paris.

Steven Maijoor (46) is currently a Director at the Netherlands Authority for the Financial Markets (AFM) where he is in charge of financial reporting, auditing issues, market integrity supervision and part of the business operations. Maijoor entered the service of the AFM in April 2004. Maijoor has also represented the AFM in various European and international fora, lately chairing the International Forum of Independent Audit Regulators (IFIAR). He is a part-time professor at both the Maastricht University and the VU Univer-sity Amsterdam conducting research on issues such as reporting, audit and governance. From 2001 to 2004, Maijoor was Dean of the School of Business & Economics at Maastricht University.

Steven Maijoor, Chair-elect of ESMA, stated: "I am very pleased and honoured by the trust demonstrated in me by Members of ESMA's Board of Super-visors. To become the first full-time Chair of ESMA, at this important juncture, would be a great privilege. If confirmed by the European Parliament, I will fully engage in this new role with a strong desire to see ESMA achieve its full potential. ESMA has been given significantly powerful and innovative tools to inten-sify a network approach to supervision, which will increase investor confidence in Europe's securities markets and will enhance investor protection significantly. If approved by the European Parliament, I will be delighted to work intensively in implementing these new responsibilities with my fellow national regulators, the European institutions, the ESMA staff and all other stakeholders of ESMA."

The Board of Supervisors of ESMA also elected Carlos Tavares as Vice-Chair of ESMA. Tavares, the Chair-man of the Portuguese CMVM, who already chaired CESR from July to December 2010 and served as Vice-Chairman since February 2007, will be acting as Chair of ESMA until Maijoor takes office. The selection of the Executive Director by the Board of Supervisors is expected in the second half of February.