The European Systemic Risk Board has responded to ESMA's July 2016 consultation paper on the EMIR clearing obligation for financial counterparties with a limited volume of activity. In its consultation, ESMA proposed to prolong in its RTS, by two years, the phase-in for financial counterparties classified as category 3 under the applicable Delegated Regulations and the ESRB has asked ESMA to reconsider its proposed new deadlines. It suggests that ESMA should consider adopting the same deadline of 21 June 2019 that ESMA proposes to apply to its Delegated Regulation on RTS on central clearing for interest rate derivatives. The ESRB encourages ESMA, national competent authorities and the industry to work with category 3 counterparties to find solutions to allow them to make use of clearing as quickly and with as little risk as possible before the deadlines set out in the RTS.