ESMA publishes annual peer review of EU CCP supervision


The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its annual peer review report on the supervision of EU Central Counterparties (CCPs) by National Competent Authorities (NCAs). The Peer Review measured the effectiveness of NCA supervisory practices in assessing CCP compliance with EMIR requirements on due diligence of clearing members.

The NCAs participating in the current peer review have broadly met the supervisory expectations in relation to CCP clearing members. In particular, the NCAs consistently assessed the CCPs’ compliance with the participation requirements, with due diligence of clearing members and with their review process.

The review of how NCAs ensured compliance with the rules governing CCP colleges activities during the reporting period is overall positive, although in some cases, NCAs ensured compliance with certain deadlines under EMIR only after the end of the review period. 

The peer review has also identified the need for further work to promote convergence in respect of the continuous monitoring of the CCP clearing members’ operational capacity. 

To address the shortcomings identified via this peer review, ESMA has issued recommendations to the NCAs which only partially met the expectations.  

Next steps 

ESMA will follow up on the implementation of the recommendations made to NCAs and also work to identify, where relevant, the most appropriate tools to further enhance supervisory convergence. 


Further information:

Sarah Edwards 

Senior Communications Officer

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