ESMA has published guidelines, addressed to national supervisors, on how they should expect CCPs to meet the requirements on interoperability arrangements under the European Market Infrastructure Regulation (EMIR). The first guideline concerns legal risk. Interoperability arrangements must be clearly defined, transparent and enforceable in all relevant jurisdictions. This legal certainty must extend to netting, the point of irrevocability of orders, default procedures and enforceability of collateral. The second guideline provides that any denial or restriction on access to interoperability arrangements must be based only on risk grounds. The rest of the guidelines deal with risk management, protection of collateral from default and cooperation between national supervisors. (Source: Guidelines and Recommendations for Establishing Assessments of Interoperability Arrangements)