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 main responsibilities include developing regulatory standards, conducting assessments of risks in the financial markets, and overseeing the implementation of EU legislation related to securities and investment. By fostering cooperation among national regulators, ESMA aims to strengthen the supervision of financial markets across the EU.