Page 44 - 期货和衍生品行业监管动态（2025年11月）

期货和衍生品行业监管动态

ESMA Identifies Measures to Further Enhance Depositary Supervision
(2025/11/17)

The European Securities and Markets Authority (ESMA), the EU’s financial

markets regulator and supervisor, today published the results of a peer review which

assessed the supervision of depositaries, in particular their oversight and safekeeping

obligations.

Overall, the peer review found that the foundational frameworks for the

supervision of depositaries are in place. However, it also found notable divergences

across jurisdictions in terms of the depth and maturity of supervisory approaches.

While some NCAs demonstrated highly developed and granular practices, others

displayed areas for improvement.

In addition, there were several transversal findings, including:

 The need for supervisory engagement to be more frequent and proportionate
to the associated risk, given the concentration of depositaries within the

markets of the assessed NCAs and their potential systemic significance.

 Concerns regarding the depth and intrusiveness of the supervisory

assessments of several NCAs with respect to depositaries entrusting third
parties with significant tasks, bearing in mind the obligation of depositaries to

perform control-related activities autonomously.

The peer review focused on five jurisdictions: Czechia (CNB), Ireland (CBoI),

Italy (Bank of Italy), Luxembourg (CSSF), Sweden (SFSA) and examined the

supervisory and enforcement practices of these National Competent Authorities

(NCAs) across key areas of depositary business activities.

Next steps

The objective of peer reviews is to promote consistent and effective supervisory

practices across the EU and high-quality supervisory outcomes, as well as to foster a

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