ESMA has published a consultation paper on delaying the phase-in period for the EMIR clearing obligation for financial counterparties with a limited volume of activity. ESMA proposes to amend relevant Delegated Regulations on the clearing obligation to prolong, by two years, the phase-in for financial counterparties classified as category 3 under the Delegated Regulations to help them mitigate the difficulties they are encountering in connecting to CCPs. Comments are invited by 5 September 2016.