The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes a new Peer Review Methodology integrating the improvements to this process that were introduced by the revised ESMA Regulation (ESMAR).
Peer reviews contribute significantly to supervisory convergence, and ESMAR aims at increasing the independence of the peer review process and its outcome, giving more weight to recommendations to NCAs and introducing mandatory and time-bound follow-up to peer reviews. The ESMA Strategic Orientation 2020-22 also stresses the key role that peer reviews plays in achieving convergence across all EU supervisors.
The new Peer Review Methodology provides for the set-up of ad hoc Peer Review Committees chaired by ESMA staff, an enhanced role for the Management Board, and the introduction of fast-track peer reviews to be launched in case of an urgent convergence issue.
The new methodology will be used for ESMA peer reviews launched after the date of adoption.