The European Securities and Markets Authority (ESMA) is an independent regulatory agency of the European Union established to enhance investor protection and promote stable and orderly financial markets. It works to ensure that financial markets operate transparently and efficiently, providing a level playing field for all market participants. ESMA's responsibilities include developing regulatory standards, conducting assessments, and overseeing the implementation of EU financial legislation. It also collaborates with national regulatory authorities to ensure consistent application of rules across member states, thereby fostering a unified approach to financial regulation within the EU.