ESMA updates on third-country CCPs’ applications for recognition

Pending Recognition Decisions

As regards TC-CCPs which are established in jurisdictions for which the EC has recently adopted equivalence decisions, i.e. Chile, China, Indonesia, Israel and Malaysia, ESMA has started processing their applications for recognition under Article 25 of EMIR and will adopt decisions granting recognition once the relevant recognition conditions are met.

The recognition procedure in EMIR includes the signing of an MoU with the relevant third-country Competent Authorities and the consultation of the relevant EU National Competent Authorities and EU authorities. ESMA will do its utmost to expedite the process.

Refusal of Recognition

For TC-CCPs which are established in jurisdictions for which the EC did not adopt equivalence decisions by 28 June 2022, i.e. Argentina, Colombia, Russia, Taiwan, Thailand and Turkey, ESMA will start the process for refusing recognition due to the lack of an equivalence decision. However, ESMA is ready to re-assess the applications should there be new developments regarding the relevant equivalence decisions during the processing period. Further, should the EC adopt the relevant equivalence decision in the future, a TC-CCP, whose application was originally refused, can re-apply for recognition to ESMA.

Until ESMA has taken a decision on granting or refusing a recognition under EMIR, a TC-CCP, who had applied under the EMIR transition provisions, and currently provides clearing services in a Member State under national law, may continue to provide clearing services in that Member State.

The detailed list of recognised TC-CCPs as well as a list of TC-CCPs who have applied for recognition are published on the ESMA website.

Further information:

Solveig Kleiveland

Senior Communications Officer

Tel:   +33 (0)1 58 36 64 27

Email: press@esma.europa.eu