ESMA has published a report with guidelines and recommendations on the written agreement that national authorities eligible for participation in a CCP college must enter into. Under the European Market Infrastructure Regulation (EMIR) refusal by a national authority to subscribe to the agreement and join the college would block the authorisation process for a CCP. ESMA explains that it has not been able to address, in technical standards, the problem this veto power poses. It expects that these guidelines and recommendations will facilitate the swift establishment of colleges within the timeframe EMIR requires. (Source: Guidelines and Recommendations Regarding Written Agreements Between Members of CCP Colleges)