Article 21(6)(a) of EMIR provides that the European Securities and Markets Authority (ESMA) shall at least annually conduct a peer review analysis of the supervisory activities of all national competent authorities (NCAs) in relation to the authorisation and the supervision of central counterparties (CCPs).

ESMA has now published a report which presents the findings of its first peer review pursuant to Article 21(6)(a) of EMIR.

The report provides an overview of ESMA’s contribution to the work of CCP colleges and presents an assessment of the degree of convergence reached by NCAs in the authorisation of CCPs, as well as identifying best practices developed by some NCAs in this context.

In general ESMA has found that there is a good level of engagement and cooperation on the part of both the NCAs chairing the CCP colleges and the other college members. Although ESMA still sees some scope for further improvement, it recognises that for several NCAs the establishment of a supervisory college represents their first experience with such cooperation arrangements in respect of the CCPs they supervise. ESMA believes that cooperation between NCAs will be further enhanced as college activities continue following the initial authorisation of the CCPs.

View ESMA publishes review of CCP colleges, 8 January 2015