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