On 8 April 2021, the European Securities and Markets Authority (ESMA) issued an annual peer review report on the supervision of EU central counterparties (CCPs) by Member State national competent authorities (NCAs). The peer review measured the effectiveness of NCA supervisory practices in assessing CCP compliance with the European Markets Infrastructure Regulation (EMIR) requirements on liquidity stress testing. In particular, the report highlights best practices that emerged from the NCAs’ responses, and it identifies some considerations in order to further enhance supervisory practices.

The report is published pursuant to Article 24a of EMIR which provides that in the area of CCP supervision ESMA shall, at least annually, conduct a peer review analysis of the supervisory activities of all NCAs in relation to the authorization and supervision of CCPs in accordance with Article 30 of the ESMA Regulation (Regulation (EU) No 1095/2010).

The report is for information purposes only. ESMA will follow up on the findings listed in the report in order to identify, where relevant, the most appropriate tools to further enhance supervisory convergence with respect to the considerations included in the report.