The European Securities and Markets Authority (ESMA) has published a practical guidance note for the recognition of third-country central counterparties (CCPs).

The purpose of the note is to provide information on the recognition by ESMA of third country CCPs under Chapter 4 of Title III of the European Market Infrastructure Regulation (EMIR) and Chapter II of Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012 supplementing EMIR with regard to regulatory technical standards on requirements for CCPs.

The note covers the following phases:

  • communication with ESMA before submitting an application for recognition;
  • timeframe for submission of an application;
  • submission of an application, including format, number of copies, language and information to be provided;
  • ESMA’s acknowledgement of the receipt of an application;
  • information on the calculation of deadlines set by ESMA;
  • assessment of completeness, requests for additional information and notification of completeness;
  • ESMA’s examination of the application;
  • ESMA’s decision on the recognition application; and
  • publication on ESMA’s website.

The note does not, however, address issues relating to a substantive examination of whether the conditions for recognition are met for individual third country CCPs.

View ESMA practical guidance on recognition of third country CSDs, 28 September 2017