On 17 October 2019, the European Securities and Markets Authority (ESMA) published the results of a peer review into the approaches of six Member State national competent authorities (NCAs) designed to improve the quality of derivative data reported under the European Market Infrastructure Regulation (EMIR).

The peer review assessed how the six NCAs supervised data quality under EMIR in the following areas:

  • NCAs’ supervisory approach to EMIR data quality;
  • Integration of EMIR data within the NCA’s overall supervisory approach; and
  • NCAs’ access, assessment and analysis of EMIR data quality.

Among other things the review found that two NCAs (which include the FCA) lagged behind when it comes to integrating EMIR data quality controls into their overall supervisory approach, which negatively impacted the NCAs’ ability to access, assess and analyse EMIR data.