The European Securities and Markets Authority (ESMA) is an independent authority of the European Union established to enhance investor protection and promote stable and orderly financial markets. It was created in 2011 and is based in Paris, France. ESMA's primary role is to ensure consistent regulation and supervision of financial markets across the EU. ESMA develops regulatory standards and guidelines, oversees credit rating agencies, and monitors systemic risks in the financial system. It works closely with national regulatory authorities to ensure that financial markets operate transparently and efficiently, ultimately fostering confidence among investors and market participants.