On July 14, the European Commission (the Commission) adopted several implementing and delegated acts relating to central counterparties (CCPs) established in third countries (TCs) under the so-called “EMIR 2.2” revisions to the European Market Infrastructure Regulation (the Delegated Acts).
The Delegated Acts address the following issues:
- the criteria that ESMA should consider when determining if a TC CCP is, or is likely to become, systemically-important and consequently the tier to which it should be assigned;
- the minimum elements to be assessed by ESMA when considering a request for comparable compliance from a TC CCP and the modalities and conditions of that assessment; and
- the types and amount of fees and the manner in which fees are to be paid by TC CCPs applying for recognition and by recognized TC CCPs.
The Delegated Acts are to be considered by the Council of the European Union (EU) and the European Parliament before being published in the Official Journal of the EU and becoming effective.
The Delegated Acts are available here.