ESMA has issued an opinion in response to European Commission's notification in December 2014 of its intention to endorse, with amendments, a draft RTS submitted by ESMA.  The opinion explains ESMA's support of the Commission's intention to extend the initial approach, with the aim of postponing the starting date of the frontloading obligation. ESMA detailed its concerns on the proposed exemption of non-EU intragroup transactions from the clearing obligation.