Security Manager Protocol (SMP) is used establishing pairing, authentication and encryption between Bluetooth Low Energy devices. It generates and stores various keys (like encryption and identity). The Defensics Bluetooth LE SMP Server Test Suite can be used to evaluate Bluetooth SMP implementations for security flaws and robustness problems.
Volume 3, Part H: Core System Package (Low Energy) - Security Manager Specification
SMP insecure pairing parameters
ECDH Public Key validation