The European Securities and Markets Authority (ESMA) is a European Union (EU) financial market regulatory and supervisory authority. ESMA is an independent EU body 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, and enhancing investor protection. ESMA fosters supervisory convergence both among securities regulators and across financial sectors by working closely with the European Banking Authority and the European Insurance and Occupational Pensions Authority.