Natasha Cazenave

Executive Director
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Natasha Cazenave is the Executive Director of the European Securities and Markets Authority (ESMA), a position she has held since 1 June 2021. As Executive Director, she forms part of ESMA's two-person senior management team alongside Chair Verena Ross, with the team responsible for leading the organisation. The source content does not identify any specific mandate or initiatives assigned to Cazenave in the areas of digital assets, tokenisation, or blockchain.

Before joining ESMA, Cazenave spent over ten years at the French Autorité des Marchés Financiers (AMF), where her final role was Managing Director, Head of the Policy and International Affairs Directorate. During that period she was elected twice as Chair of IOSCO's Policy Committee on Investment Management, in 2012 and 2014, and in February 2015 was appointed co-Chair of the Financial Stability Board's experts group on shadow banking. Prior to the AMF, she spent eight years at Deminor, a consultancy specialised in the defence of minority shareholder rights, where she led collective actions for investors who suffered losses from securities violations and worked on corporate governance best practices. She began her career at Ernst & Young Corporate Finance in the Valuation and Business Modelling team. Cazenave holds a Master's degree from Paris Dauphine University in Banking, Finance and Insurance.

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Stephan Mögelin

Lead Senior Officer

Stephan Mögelin is Lead Senior Officer at BaFin, responsible for the supervision of Financial Market Infrastructures, a position he has held since June 2024. In parallel, since July 2025 he serves as Chair of the ESMA DLT Working Group at the European Securities and Markets Authority (ESMA). In this capacity he has spoken publicly on the DLT Pilot Regime, addressing its implementation, the role of BaFin in its supervision, challenges encountered during its first two years of operation, and questions around its potential future integration into the Central Securities Depositories Regulation (CSDR).

Mögelin joined BaFin in May 2007 as a Policy Officer in the legal department, a role he held for over ten years. From November 2017 to May 2018 he served as a Seconded National Expert at the European Central Bank, attached to a FinTech team within the Directorate General Market Infrastructure and Payments. He returned to BaFin in June 2018 as Senior Officer for the supervision of Financial Market Infrastructures, before being promoted to Lead Senior Officer in June 2024. His total professional experience spans approximately 18 years. He studied at the Fachhochschule der Wirtschaft (FHDW) in Paderborn from 2002 to 2005.

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