ESMA European Securities and Markets Authority : publishes review of CCP colleges

08/01/2015

The European Securities and Markets Authorities (ESMA) has published a peer review report on its participation in the supervisory colleges set up under the European Markets Infrastructure Regulation (EMIR) to authorise and supervise EU-based central counterparties (CCPs). EMIR asks ESMA to coordinate between national competent authorities and across colleges with a view to building a common supervisory culture and consistent supervisory practices, ensuring uniform procedures and consistent approaches, and strengthening consistency in supervisory outcomes.

In relation to that role, ESMA is required, at least annually, to conduct a peer review analysis of the supervisory activities of all competent authorities in relation to the authorisation and the supervision of CCPs in accordance with Article 30 of Regulation (EU) No 1095/2010 (ESMA Regulation).

This report is focused on the supervisory activities of competent authorities in relation to the authorisation of CCPs under EMIR and is based on the experience of ESMA in the CCP colleges formed pursuant to Article 18 of EMIR. This review is not based on the usual peer review methodology but on the experience of ESMA in the initial phase of the college process, namely their establishment, their review of CCP applications for authorisation under EMIR, their review of the competent authorities' risk assessments, and their adoption of the joint opinions on CCP authorisations.

ESMA's review has not identified any issues in respect of which it should issue guidelines and recommendations pursuant to Article 16 of the ESMA Regulation, or any other form of legal instrument.