Article 54 — Approval of interoperability arrangements — compare

1.An interoperability arrangement, or any material change to an approved interoperability arrangement under Title V  shall be subject to the prior approval of the competent authorities of the CCPs involved. The procedure under CCPs’ competent authorities shall request the opinion of ESMA in accordance with Article 24a(7), first subparagraph, point (bc), and the college referred to in Article 18 in accordance with Article 19, and issued in accordance with the procedure set out in Article 17b 17 shall apply.

4.By 31 December 201225 June 2026, ESMA shall issue guidelines or recommendations with a  view to establishing consistent, efficient and effective assessments of interoperability arrangements by national competent authorities, in accordance with the procedure laid down in Article  16 of Regulation (EU)  No  1095/2010. ESMA shall develop drafts of those guidelines or recommendations after consulting the members of the ESCB.

5.ESMA, after consulting the members of the ESCB and the ESRB, shall develop draft regulatory technical standards to further specify the requirements for CCPs to adequately manage the risks arising from interoperability arrangements. For that purpose, ESMA shall take into account the guidelines issued under paragraph 4 and assess whether the provisions included therein are appropriate in the case of interoperability arrangements covering all types of products or contracts, including derivative contracts and non-financial instruments.