ESMA has published a paper outlining its key principles when trying to foster stakeholder engagement in peer reviews. The objective of the six high-level principles is to assist ESMA’s attempts to ensure supervisory consistency. The principles outlined are:
- interaction can only be considered with stakeholders having an interest – direct or indirect – in the topic under review;
- stakeholder interaction needs to be reasoned and its usefulness in a given peer review is a matter for the board of supervisors to decide upon;
- national competent authorities must permit engagement with “category A” stakeholders, but can have discretion over “category B” stakeholders;
- stakeholder meetings are organised in liaison with competent authorities;
- confidentiality; and
- published peer review reports do not contain stakeholders’ names.