FESE considers that ESMA has the appropriate mandate and tools to pursue supervisory convergence, but could use these more effectively and to a greater extent. In enhancing the functioning of a Capital Markets Union, promoting supervisory convergence will be essential. FESE therefore suggests that, where appropriate and proportionate, EU institutions make greater use of Regulations as opposed to Directive, with the ultimate goal of having a Single Rulebook. In terms of future changes, we do not support moves towards direct supervision by ESMA under any timeframe. In light of the ambition to progress on the CMU, we support a common supervisory culture and enhanced and balanced convergence to ensure a level playing field within Europe.