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. |