Recital 43

(43) ESMA should therefore tailor its cooperation arrangements to different third-country jurisdictions based on the CCPs established in a given jurisdiction. In particular, Tier 1 CCPs cover a wide range of CCP profiles so ESMA should ensure that a cooperation arrangement is proportionate to the CCPs established in each third-country jurisdiction. More specifically, ESMA should consider, amongst others, the liquidity of the markets concerned, the degree to which CCPs’ clearing activities are denominated in euro or other Union currencies and the extent to which Union entities use the services of such CCPs. Considering that the vast majority of Tier 1 CCPs provide clearing services to a limited extent to clearing members and trading venues established in the Union and might clear products that are not within the scope of Regulation (EU) No 648/2012, ESMA’s scope of assessment and information to be requested should also be limited in all of those jurisdictions. To limit information requests for Tier 1 CCPs, a pre-defined range of information should in principle be requested by ESMA annually. Where the risks from a Tier 1 CCP or jurisdiction are potentially greater, additional requests, at least on quarterly basis, and a wider scope of information requested would be justified. Cooperation arrangements should be tailored to reflect such a differentiation in the risk profile of different Tier 1 CCPs and should include provisions that organise an appropriate framework for the exchange of information. However, any cooperation arrangements in place when this Regulation enters into force should not be required to be adjusted unless the relevant third-country authorities so request.

← Recital 42 · All articles · Recital 44 →

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