Recital 42

(42) To ensure that cooperation arrangements between ESMA and the relevant competent authorities of third countries are proportionate, such arrangements should take into consideration a range of different aspects, including the categorisation of third-country CCPs as Tier 1 or Tier 2 CCPs, the specific features of the scope of services provided, or intended to be provided, within the Union, whether those services entail specific risks to the Union or to one or more of its Member States, as well as adherence of the third-country CCPs to international standards. The cooperation arrangements between ESMA and the relevant competent authorities of third countries should therefore reflect the degree of risk that CCPs established in a third country potentially present to the financial stability of the Union or of one or more of its Member States.

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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.