On 2 April 2025, the European Securities and Markets Authority (ESMA) published its latest annual review of EU central counterparty (CCP) supervision.

The peer review focuses on the effectiveness of Member State competent authorities’ (NCAs) supervisory practices in assessing CCP compliance with the European Market Infrastructure Regulation (EMIR) requirements on outsourcing and intragroup governance arrangements.

The review provides an overview of the approaches adopted by NCAs and sets out ESMA’s assessment of the degree of convergence reached by NCAs.

The peer review provides an assessment of NCAs against three supervisory expectations relating to: (i) the NCAs’ established process for the CCP to notify any new outsourcing arrangement, (ii) the NCA’s review of the ongoing compliance of CCP outsourcing arrangements with the relevant requirements under EMIR, and (iii) the NCAs’ reviews of the compliance of CCP governance arrangements with the relevant requirements under EMIR.

Next steps

ESMA will follow up on the implementation of the recommendations made to NCAs and work to identify, where relevant, the most appropriate tools to further enhance supervisory convergence on the identification of major activities linked to risk management.