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.

(Source: ESMA publishes principles for stakeholder engagement)