On 28 May 2014, the European Securities and Markets Authority (“ESMA”) published an opinion on the voting procedures for CCP colleges under the European Market Infrastructure Regulation (“EMIR”). EMIR requires the national regulator of a CCP applying for authorization under EMIR to establish a CCP college to assist in the assessment of an application. ESMA’s opinion provides further details on the voting procedures of those CCP colleges so as to supplement the detail not included in EMIR. ESMA’s opinion is addressed to national regulators and aims to ensure consistent supervisory practices across the EU for CCP colleges.

ESMA’s opinion is available at: http://www.esma.europa.eu/system/files/2014- 576.pdf.