Introduction
- The European Regulation No 648/201 on OTC derivatives, central counterpartiesand trade repositories (EMIR) requires ESMA to undertake peer reviews analysingsupervisory activities of all competent authorities in relation to the authorisationand supervision of CCPs. Based on the experience of a first peer reviewundertaken in 2016 in the context of EMIR, ESMA’s Board of Supervisors decidedthat a Methodology for this new type of peer reviews to be conducted at leastannually should be prepared, building on the existing methodology.
- Indeed, ESMA has a long experience in running peer reviews that are key tools forsupervisory convergence, as recognised under Article 30 of Regulation (EU) No1095/2010 (hereafter “ESMA Regulation”) mandating ESMA to periodicallyorganize and conduct peer reviews of some or all activities of national competentauthorities (“NCAs”) to further strengthen consistency in supervisory outcomes.The procedures for such peer reviews are laid down in the ESMA Review PanelMethodology (ESMA/2013/1709).
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