Independent authority overseen by the European Parliament.

http://www.esma.europa.eu/

The European Securities and Markets Authority (ESMA) is an independent EU Authority that contributes to safeguarding the stability of the European Union's financial system by ensuring the integrity, transparency, efficiency and orderly functioning of securities markets, as well as enhancing investor protection.

ESMA replaces the Committee of European Securities Regulators (CESR) and has new powers, which include: the ability to draft technical standards that are legally binding in EU Member States; the ability to launch a fast track procedure to ensure consistent application of EU law; new powers in resolving disagreements between national authorities; additional responsibilities for consumer protection (including the ability to prohibit financial products that threaten financial stability or the orderly functioning of financial markets for a period of three months); emergency powers; participating in Colleges of Supervisors and on-site inspections; monitoring systemic risk of cross border financial institutions; a new supervisory role (in particular for credit rating agencies); the ability to enter into administrative arrangements with supervisory authorities, international organizations and the administrations of third countries.

A Guide to Understanding ESMA

Financial institutions and credit rating agencies doing business in the European Union.

http://en.wikipedia.org/wiki/European_Securities_and_Markets_Authority