The European Securities and Markets Authority (ESMA) has issued the results of a peer review it conducted into how Member State national competent authorities (NCAs) ensure that central counterparties comply with EMIR.

Overall, ESMA found that NCAs supervise CCPs’ default management procedures (DMP) adequately and that most EU CCPs have performed fire drills. However, the review also found areas where divergences emerged with respect to NCAs’ supervisory approaches related to reviewing and testing of DMP and fire drills. ESMA also identifies areas where supervisory convergence could be further enhanced, and highlights existing good practices.

View ESMA review finds good supervision of CCPs’ default management, 21 December 2017