Consultation on Guidelines for establishing consistent, efficient and effective assessments of interoperability arrangements

This paper is published to consult on draft ESMA guidelines issued in accordance with Article 16(2) of Regulation (EU) No 1095/2010 (ESMA Regulation) and as required under Article 54(4) of Regulation (EU) 648/2012 on OTC derivatives, central counterparties and trade repositories (the Regulation or EMIR).
Contents
Section II explains the background to the draft guidelines in the context of ESMA’s work on developing standards for CCPs. Section III sets out and explains the draft guidelines for establishing consistent, efficient and effective assessments of interoperability arrangements.
Next steps
ESMA will consider the responses it receives to this consultation and expects to publish final guidelines by the end of Q1 2013.
The draft guidelines are separate from the work ESMA has done to produce draft Regulatory and Imple-menting Technical Standards (technical standards) under EMIR. The guidelines will clarify obligations for National Competent Authorities (NCAs) in relation to their assessment of applications from CCPs to enter into interoperability arrangements.