On 9 July 2020, the European Securities and Markets Authority (ESMA) published a letter it sent to the European Commission (Commission) as a contribution to the Commission consultation on the delegated acts on tiering, comparable compliance and fees related to third-country central counterparties (TC-CCPs) under the revised European Market Infrastructure Regulation (EMIR 2.2).


ESMA appreciates that the Commission duly considered the technical advice ESMA provided shortly after the adoption of EMIR 2.2 and recognises that the targeted, but important deviations from this advice that are proposed in the draft delegated acts aim to simplify the assessments for tiering and comparable compliance, while enhancing their predictability, and to further harmonise the fee framework for TC-CCPs with the rest of ESMA’s supervised entities. However, based on the multiple detailed discussions with Member State competent authorities as well as input received from stakeholders, throughout the development of its related technical advice, ESMA believes it is useful to raise the technical points in the letter so that the Commission may take them into account when finalising the delegated acts.