On 4 September 2014, the European Securities and Markets Authority (ESMA) published Guidelines and Recommendations regarding the implementation of CPSS-IOSCO principles for financial market infrastructures (PFMIs) in respect of Central Counterparties (CCPs).

The Guidelines apply to competent authorities designated under Article 22 of the European Market Infrastructure Regulation (EMIR) for carrying out the duties resulting from EMIR for the authorisation and supervision of CCPs.