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The European Securities and Markets Authority elected Carlos San Basilio of Spain’s CNMV to its Management Board at a meeting in Paris on 6 October 2026. He will replace Carlo Comporti, who is due to leave the board on 1 November to become ESMA Chair.
The European Securities and Markets Authority (ESMA) has elected Carlos San Basilio of Spain’s Comisión Nacional del Mercado de Valores (CNMV) to join its Management Board. The election took place at a Board of Supervisors meeting in Paris on 6 October 2026; San Basilio is set to replace Carlo Comporti when the change takes effect on 1 November, the date Comporti is due to become ESMA Chair.
ESMA announced the appointment in a notice on its website. San Basilio represents the CNMV, Spain’s securities-market regulator, on the board. The authority’s announcement identifies him as the incoming member and says he will take the place of Comporti, who is stepping down from the board to assume the chairmanship.
The Management Board is chaired by the ESMA Chair and is responsible for ensuring that the authority carries out its mission and performs tasks assigned under its founding Regulation. ESMA describes itself as the EU’s financial markets regulator and supervisor. The board’s role places it at the centre of the authority’s governance, though the announcement does not set out any policy priorities or decisions associated with San Basilio’s appointment.
From 1 November, ESMA lists the board’s voting members as Comporti, Thorsten Pötzsch, San Basilio, Marie-Anne Barbat-Layani, Christopher P. Buttigieg, Peter Tkáč and Armi Taipale. ESMA Executive Director Natasha Cazenave is listed as a non-voting member, while ESMA Vice-Chair Vojtěch Belling is an observer. A European Commission representative is also listed as a non-voting member.
Spain’s Seat on ESMA’s Governing Board
San Basilio’s appointment gives the CNMV a named representative on the body responsible for overseeing ESMA’s execution of its mandate. The board’s composition brings together national securities and financial-market authorities from several EU member states alongside ESMA leadership and a European Commission representative. Its work forms part of the governance of EU-level financial-market supervision.
The immediate significance is institutional rather than a stated change in policy: the appointment fills the seat that Comporti is leaving as he becomes ESMA Chair. The regulator’s announcement does not say that San Basilio’s arrival will alter ESMA’s priorities, supervisory approach or current work programme. Any effect beyond the board’s membership cannot be established from the appointment notice alone.
The timing also links two leadership changes. Comporti’s move to the chairmanship and San Basilio’s place on the Management Board are both scheduled for 1 November 2026. The change therefore concerns how the authority’s board is staffed as its chair takes up a new role, rather than an announced regulatory measure directed at markets or firms.
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The Board Change Taking Effect in November
The appointment was made by election at ESMA’s Board of Supervisors meeting in Paris on 6 October 2026. ESMA’s notice links the election directly to a planned vacancy: Comporti, associated with Italy’s CONSOB, will leave his Management Board position to take up the ESMA chairmanship. The change is scheduled to take effect on 1 November.
ESMA’s published composition for that date includes representatives associated with regulators in Germany, Spain, France, Malta, Slovakia and Finland, in addition to the ESMA Chair. It separately identifies the executive director and European Commission representative as non-voting members and the ESMA Vice-Chair as an observer. These distinctions matter: the list does not describe all participants as voting board members.
The authority’s founding Regulation provides the basis for the Management Board’s responsibilities, according to ESMA. The appointment announcement gives no further account of the election process, the number of candidates or the vote. It also does not provide a biography of San Basilio or outline specific responsibilities attached to his membership.
“The Management Board is responsible for ensuring that the Authority carries out its mission and performs the tasks assigned to it under its founding Regulation.”
— ESMA
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Details Beyond the Appointment Notice
ESMA’s announcement confirms the election, the affiliation of San Basilio and the effective date, but it does not disclose the vote count, other candidates or selection criteria. It also does not state whether San Basilio will hold a separate portfolio or take on specific responsibilities within the board.
No policy shift, market measure or change to ESMA’s supervisory programme is announced alongside the appointment. The notice also gives no further detail on Comporti’s transition beyond saying he will step down as a board member to become ESMA Chair from 1 November. Those points should not be inferred from the change in membership.
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Board Composition Changes on 1 November
The next confirmed milestone is 1 November 2026, when San Basilio is due to join the Management Board and Comporti is due to take up the ESMA chairmanship. ESMA’s published list sets out the membership and observer roles it expects to apply from that date.
Any subsequent information about the board’s work, San Basilio’s responsibilities or ESMA’s priorities would need to come from later announcements or decisions. The appointment notice itself does not specify a further milestone or provide a timetable for additional changes.
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Key Questions
Who is Carlos San Basilio?
He is an official of Spain’s Comisión Nacional del Mercado de Valores (CNMV), which ESMA identifies as his affiliated authority in announcing his election to the Management Board.
When will San Basilio join ESMA’s Management Board?
The appointment is scheduled to take effect on 1 November 2026. ESMA says he was elected at a Board of Supervisors meeting in Paris on 6 October.
Whom will San Basilio replace?
He will replace Carlo Comporti, who is stepping down from his Management Board position to take up the role of ESMA Chair from 1 November.
What does ESMA’s Management Board do?
ESMA says the board is responsible for ensuring that the authority carries out its mission and performs the tasks assigned to it under its founding Regulation. It is chaired by the ESMA Chair.
Has ESMA announced a policy change with this appointment?
No. The announcement confirms a board appointment and a related leadership change, but does not announce a new policy, supervisory measure or change in ESMA priorities.
Source: primary
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