Article 5 › 3

ESMA shall, on its own initiative, after conducting a public consultation and after consulting the ESRB and, where appropriate, the competent authorities of third countries, identify, in accordance with the criteria set out in points (a), (b) and (c) of paragraph 4 and notify to the Commission the classes of derivatives that should be subject to the clearing obligation provided in Article 4, but for which no CCP has yet received authorisation. Following the notification, ESMA shall publish a call for a development of proposals for the clearing of those classes of derivatives.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04