On March 12, The European Securities and Markets Authority (ESMA) published a guidance on the recognition of TC-CCPs under EMIR (the Regulation on OTC derivatives, CCPs, and trade repositories).

The guidance note reviews ESMA’s recognition process and offers practical guidance for applicants. This includes communication with ESMA prior to an application, the timeframe for submission of an application, the format and content of the application itself, and requests from ESMA for more information. ESMA’s decision on recognition is to be adopted within 180 working days of notification by ESMA that a TC-CCP’s application is considered to be complete, and it will take effect on the fifth working day after its adoption.