Recital 28

(28) Union CCPs face challenges in expanding their product offer for clearing services and experience difficulties in bringing clearing services for new products to the market. In view of such challenges and difficulties and in line with the objective of enhancing the attractiveness of the Union’s clearing system, the process of authorising CCPs in the Union or extending the authorisation of CCPs should therefore be simplified and should include specific timelines, while ensuring the appropriate involvement of ESMA and the college of the Union CCP concerned. First, to avoid significant, and potentially indefinite, delays, an acknowledgment of the receipt of the application should be provided swiftly and the competent authorities should thereafter assess the completeness of an application for authorisation. To ensure that legal persons established in the Union that wish to be authorised as CCPs and Union CCPs wishing to extend their authorisations submit all required documents and information with their applications, ESMA should develop draft regulatory and implementing technical standards specifying which documents are to be provided, what information those documents are to contain and in which format they are to be submitted. When preparing the draft regulatory technical standards, ESMA should take into account existing documentation requirements and practices under Regulation (EU) No 648/2012 and streamline their submission where possible in order to avoid an excessive time to market and to ensure that the information to be provided by the CCP applying for an extension of authorisation is proportional to the materiality of the change for which the CCP applies, without making the overall process unduly complex, burdensome and disproportionate. Second, to ensure an efficient and concurrent assessment of applications, legal persons established in the Union that wish to be authorised as CCPs and Union CCPs wishing to extend their authorisations should be able to submit all documents via a central database. Third, a CCP’s competent authority should, during the assessment period, coordinate and submit questions from that competent authority, ESMA or the college to the legal person established in the Union that wishes to be authorised as a CCP and Union CCPs wishing to extend their authorisations, to ensure a swift, flexible, and cooperative process for a comprehensive review. To avoid duplication and unnecessary delays, all questions and subsequent clarifications should also be shared simultaneously between the CCP’s competent authority, ESMA and the college.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.