Updated 31/12/2024
In force

Initial Legal Act
Amendments

Article 3 - Comparable compliance with respect to Title IV of Regulation (EU) No 648/2012

Article 3

Comparable compliance with respect to Title IV of Regulation (EU) No 648/2012

1.   ESMA shall grant comparable compliance with respect to the requirements set out in Title IV of Regulation (EU) No 648/2012 where:

(a)

the Tier 2 CCP complies with the requirements referred to in the implementing act referred to in Article 25(6) of that Regulation, if any;

(b)

the Tier 2 CCP complies with all relevant elements set out in Annex I to this Regulation.

2.   Before ESMA adopts a decision not to grant comparable compliance, it shall:

(a)

verify its understanding of the applicable third-country framework and the way in which the Tier 2 CCP complies with it with that CCP’s competent authority,

(b)

inform the Commission thereof.