ESMA has published practical guidance on its recognition of third country CCPs under EMIR. The guidance covers phases in the application process including: (i) communications with ESMA prior submission, submission and ESMA's acknowledgement of the receipt of an application; (ii) information on the calculation of deadlines set by ESMA; (iii) assessment of completeness, requests for additional information and notification of completeness; (iv) ESMA's decision on the recognition application; and (v) publication on ESMA's website.