European Securities and Markets Authority (“ESMA”) has published practical guidance on the recognition by it of third country central counterparties (CCPs) under EMIR (ESMA/2016/365). The guidance is dated March 17, 2016.

The guidance covers the following phases in the application process:

  • Communications with ESMA before submitting an application for recognition.
  • Timeframe for submission of an application.
  • Submission of an application, including format, number of copies and language.
  • 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.
  • Publication on ESMA’s website.