Musical chairs for top positions affecting three key directors in the Cabinet of the European Commission’s Directorate-General (DG) for Financial Stability, Financial Services and Capital Markets Union (FISMA) are due to come into effect on 1 May.

Martin Merlin will take over directorship covering financial institutions.

The DG looks after the regulation and prudential supervision of banking, retail financial services and insurance and pensions.

Reporting to him, Nathalie Berger remains in position.

Merlin’s background, starting in 1997, includes working on insurance and pension funds issues.

He will replace Mario Nava, who will move to the directorate dealing with financial system surveillance and crisis management.

This includes euro-zone and national financial systems, as well as crisis management.

In Merlin’s former position in the Cabinet was Ugo Bassi. 

His role will embrace the Capital Markets Union programme, financial markets infrastructure, securities markets and asset management.

In former years, Bassi’s responsibilities covered “capital and companies”.

John Berrigan, as deputy director-general, continues to oversee the four policy directorates, including the one for investment and company reporting, for which the director’s post will be filled in due course.

Director-general for FISMA remains Olivier Guersent, who reports to commissioner Jonathan Hill. 

On 1 September 2015, Guersent replaced Jonathan Faull, who was appointed director-general of the Task Force for Strategic Issues Related to the UK Referendum.

The European Commission said it re-shuffled its staff at FISMA in an effort to “make the best use of its resources”.  

Unchanged in her position is Pamela Brumpter-Coret, in charge of human and financial resources, and communication.

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