In this act Article 5 of 7

Article 5 — Exemptions and incompatible requirements

Financial servicesLevel 2Delegated RegulationEMIRIn forceOfficial source

1.ESMA shall not refuse comparable compliance with respect to the requirements set out in Article 16 and Titles IV and V of Regulation (EU) No 648/2012 for the mere reason that the Tier 2 CCP applies an exemption under the applicable third-country framework which is comparable to any of those set out in paragraphs 4 and 5 of Article 1 of that Regulation. The Tier 2 CCP shall provide evidence that the Union and third-country exemption are comparable.

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5(2)

2.Where complying with a specific requirement set out in Article 16 or Titles IV or V of Regulation (EU) No 648/2012 implies a breach of the applicable third-country framework, ESMA shall grant comparable compliance with respect to that requirement only where the Tier 2 CCP provides evidence that:

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5(2)(a)

(a)it is impossible to comply with that requirement without breaching a mandatory provision of the applicable third-country framework;

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5(2)(b)

(b)the applicable third-country framework effectively achieves the same objectives as Article 16 and Titles IV and V of Regulation (EU) No 648/2012;

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5(2)(c)

(c)it complies with the applicable third-country framework.

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