Italian economist Carlo Comporti secures European Parliament backing to lead ESMA
The European Parliament has given its definitive approval for Italian economist Carlo Comporti to serve as the next President of the European Securities and Markets Authority. 527 lawmakers voted in favor, with 52 against and 86 abstaining during the plenary session in Strasbourg. The appointment now passes to the Council of the European Union for formal adoption, with Comporti set to begin his five-year term on 1 November 2026.
The vote completes an appointment process that began on 22 July, when ambassadors from the 27 member states designated Comporti as their preferred candidate. He secured 17 votes against 10 for Danish candidate Karen Dortea Abelskov in the Council's preparatory body. The European Parliament's Economic and Monetary Affairs Committee then gave its endorsement on 2 September.
A regulator with deep European experience
Comporti, 60, brings a three-decade career in financial regulation to the role. He currently serves as a commissioner at the Italian securities regulator Commissione Nazionale per le Società e la Borsa, a position he has held since February 2022. His experience also includes a stint as managing director at Promontory Financial Group, a consultancy owned by IBM, and a previous tenure at ESMA's predecessor organization, the Committee of European Securities Regulators.
His academic background includes a doctorate in banking and financial markets law from the University of Siena, where he also taught commercial law. He has served as chair of ESMA's standing committee on digital finance, positioning him to address one of the most pressing issues facing European markets: the integration of artificial intelligence into financial services.
What this means for financial regulation in the AI era
Comporti takes the helm at a critical juncture for European financial regulation. The EU's AI Act, which entered into force on 1 August 2024, will see most of its obligations become applicable after August 2026, coinciding with the beginning of his mandate. Many AI systems used in credit scoring, fraud detection, and anti-money laundering are classified as high-risk under the new framework.
EU Economic Commissioner Valdis Dombrovskis recently warned that Europe cannot afford to miss the artificial intelligence revolution after already losing ground on digital technologies. According to the International Monetary Fund, approximately 60% of workers in advanced European economies hold jobs highly exposed to AI. The IMF estimates productivity gains for Europe could reach an average of 1% over five years, though the impact on employment remains uncertain.
Italy currently ranks 21st among EU member states on the AI preparedness index, which measures digital infrastructure, innovation, human capital, and regulatory framework. However, the IMF notes that Italy offers the most favorable tax treatment for computing hardware investment among the ten advanced economies it analyzed.
Political response in Italy
The appointment drew praise across Italy's political spectrum. Prime Minister Giorgia Meloni stated that with this nomination, "Italy returns protagonist where decisions are made, on merit." Deputy Prime Minister and Foreign Minister Antonio Tajani, of Forza Italia, called it "a further political and diplomatic success for the Government."
Antonio Misiani, economy and finance chief for the opposition Democratic Party, described Comporti as a "high-level Italian competence" and called for broad and cross-party support for such a strategic role in integrating capital markets.
Pasquale Tridico, head of the Five Star Movement delegation in the European Parliament, highlighted that Comporti's experience and vision would "decisively strengthen ESMA's role" in the context of digital transformation in financial markets.
The road ahead for financial and sustainable finance
Beyond AI, Comporti will oversee the implementation of sustainable finance regulations. A report from the World Economic Forum finds that the global green economy, now valued at over $5 trillion annually, could exceed $7 trillion by 2030. 85% of chief sustainability officers expect climate adaptation to become a global priority within three years, though 62% cite uncertainty in cost-benefit calculations as the primary barrier to investment.
The outgoing ESMA president, Verena Ross, will hand over the reins in November. Comporti's familiarity with the institution—he served as interim secretary general in 2011 and as senior advisor to the president—suggests a smooth transition.
Separately, European Central Bank President Christine Lagarde announced that Monday, 21 September, will see the launch of Pontes, a digital euro platform enabling wholesale transactions between banks using distributed ledger technology and tokenized assets. The initiative represents another step in the digitalization of European financial infrastructure that will shape Comporti's five-year term.
