ESMA shows EU regulators' supervisory practices regarding EMIR data quality improving
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its follow-up report to the 2019 peer review into supervisory actions aiming at enhancing the quality of data reported under EMIR.
The report shows that supervisory practices improved significantly following the findings and recommendations of the 2019 peer review.
The five National Competent Authorities (NCAs) [CY, DE, FR, IE, NL] included in this follow-up report took specific measures at national level such as:
·rolling out data quality dashboards;
·undertaking more granular data quality checks; and
·increasingly using EMIR data as part of day-to-day supervision.
The NCAs also carried out extensive supervisory work on EMIR data quality under the Union Strategic Supervisory Priority related to data quality that ran from 2020 to 2023.
ESMA played an important coordination role developing a framework for the provision of data and follow-up of EMIR data quality issues at EU level.
In its role as supervisor of Trade Repositories (TRs), ESMA alsoundertook several supervisory actions to ensure the correct provision of access to EMIR data for NCAs and the ERSB/ECB.
Next steps
Ensuring data quality will remain a key area of focus for all NCAs. They will continue to use the appropriate tools to drive up standards and checking entities’ compliance with their regulatory and reporting requirements.
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