Article 21(6) of the European Market Infrastructure Regulation (EMIR) provides that the European Securities and Markets Authority (ESMA) shall fulfil a coordination role between competent authorities and across supervisory colleges with a view to building a common supervisory culture and consistent supervisory practices, ensuring uniform procedures and consistent approaches, and strengthening consistency in supervisory outcomes. In particular, pursuant to Article 21(6)(a) EMIR, ESMA shall, at least annually, conduct a peer review analysis of the supervisory activities of all Member State competent authorities in relation to the authorisation and the supervision of central counterparties.

ESMA has now published the methodology for mandatory peer reviews relating to central counterparties’ authorisation and supervision EMIR. The methodology builds on the experience of the first peer review undertaken in 2016.

View ESMA methodology for mandatory peer reviews of CCPs’ authorisation and supervision under EMIR, 5 January 2017