On 11 April 2024, the European Securities and Markets Authority (ESMA) published a Follow-up Report to the Peer Review into supervisory actions aiming at enhancing the quality of data reported under the European Market Infrastructure Regulation (EMIR). The follow up updates on the actions that Member State competent authorities (NCAs)and ESMA (in its role as supervisor), or trade repositories have undertaken to address the issues identified in the ESMA 2019 peer review into supervisory actions aiming at enhancing the quality of data reported under EMIR. The Follow-up Report highlights that it is important that EMIR data reported to supervisors is of high quality to allow them to make informed, data driven decisions of related risks.


The peer review presented a mixed picture of the supervisory practices of the five NCAs assessed (CY, DE, FR, IE, NL) and noted they were at very different stages of their supervisory journey regarding the supervision of EMIR data quality. To address the shortcomings identified, the peer review set out supervisory and policy actions to be considered by all NCAs and ESMA. Subsequently, ESMA decided to define and launch an EU wide approach to improving EMIR data quality applicable to all NCAs. The publication of the peer review coincided with the 2019 European Supervisory Authorities Review which provided new supervisory convergence tools to ESMA such as the European Union (EU) strategic supervisory priorities (USSP). Furthermore, to strengthen EMIR data quality, in 2022 ESMA and the NCAs implemented a more outcome-focused, data driven and risk-based approach to data quality monitoring.

The five NCAs also reported that in conjunction and in parallel to ESMA’s EU wide approach, they also took measures at the national level such as rolling out data quality dashboards, undertaking more granular data quality checks, using EMIR data as part of day-to-day supervision. As such, the follow up report notes the combined work carried out at the horizontal level by NCAS and ESMA that has led to observable results and improvements in EMIR data quality.

Next Steps

Notwithstanding the reported improvements, the Follow-up Report highlights that further work is needed. It emphasises that data quality remains a key area of attention for supervisors and NCAs should use the appropriate tools – including enforcement when needed – to drive up standards and ensure that counterparties meet their regulatory requirements.