ESMA has published guidelines and recommendations on how it believes interoperability arrangements under the European Markets Infrastructure Regulation (EMIR) should work. ESMA consulted on the draft guidelines in December 2012. The guidelines look at legal risk, open and fair access, identification, monitoring and management of risks, deposit of collateral and cooperation between national competent authorities. The final version will become effective one month after ESMA has translated the guidelines into the official languages and published the translations. (Source: ESMA Publishes Guidelines on Interoperability)