European Securities and Markets Authority (“ESMA”) has published practical guidance on the recognition by it of third country central counterparties (CCPs) under EMIR (ESMA/2016/365). The guidance is dated March 17, 2016.

The guidance covers the following phases in the application process:

• Communications with ESMA before submitting an application for recognition.
• Timeframe for submission of an application.
• Submission of an application, including format, number of copies and language.
• ESMA’s acknowledgement of the receipt of an application.
• Information on the calculation of deadlines set by ESMA.
• Assessment of completeness, requests for additional information and notification of completeness.
• ESMA’s examination of the application.
• ESMA’s decision on the recognition application.
• Publication on ESMA’s website.