On 7 December 2020, the European Commission published for consultation a draft Delegated Regulation with regard to rules of procedure for penalties imposed on third country central counterparties (CCPs) or related third parties by the European Securities and Markets Authority (ESMA). The draft Delegated Regulation specifies further the rules of procedure regarding fines and periodic penalty payments to be imposed by ESMA on third-country CCPs or related third parties to whom CCPs have outsourced operational functions or activities subject to ESMA’s investigation and enforcement proceedings, including rules on the right of defence and limitation periods. The deadline for comments on the draft Delegated Regulation is 4 January 2021.