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.