1. ESMA shall, on an annual basis, conduct a peer review analysis of the supervisory activities of the competent authorities in relation to the authorisation and the supervision of non-EU AIFMs under Articles 37, 39, 40 and 41, to further enhance consistency in supervisory outcomes, in accordance with Article 30 of Regulation (EU) No 1095/2010.

2. By 22 July 2013, ESMA shall develop methods to allow for objective assessment and comparison between the authorities reviewed.

3. In particular, the peer review analysis shall include an assessment of:

(a) the degree of convergence in supervisory practices achieved in the authorisation and supervision of non-EU AIFMs;

(b) the extent to which the supervisory practice achieves the objectives set out in this Directive;

(c) the effectiveness and the degree of convergence achieved with regard to the enforcement of this Directive and its implementing measures and the regulatory and implementing technical standards developed by ESMA pursuant to this Directive, including administrative measures and penalties imposed against non-EU AIFMs where this Directive has not been complied with.