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European Market Infrastructure Regulation (EMIR)
Article 25a

Article 25a — Comparable compliance

  1. A CCP referred to in Article 25(2b) may submit a reasoned request that ESMA assesses whether in its compliance with the applicable third-country framework, taking into account the provisions of the implementing act adopted in accordance with Article 25(6), that CCP may be deemed to satisfy compliance with the requirements set out in Article 16 and Titles IV and V. ESMA shall immediately transmit the request to the third-country CCP college.
  2. The request referred to in paragraph 1 shall provide the factual basis for a finding of comparability and the reasons why compliance with the requirements applicable in the third country satisfies the requirements set out in Article 16 and Titles IV and V.
  3. The Commission, in order to ensure that the assessment referred to in paragraph 1 effectively reflects the regulatory objectives of the requirements set out in Article 16 and Titles IV and V and the Union's interests as a whole, shall adopt a delegated act specifying the following:
    1. the minimum elements to be assessed for the purposes of paragraph 1of this Article;
    2. the modalities and conditions to carry out the assessment.

    The Commission shall adopt the delegated act referred to in the first subparagraph in accordance with Article 82 by 2 January 2021.