This report sets out ESMA’s advice to the European Commission in respect of the equivalence
between the Swiss regulatory regime and the EU regulatory regime under EMIR
in respect of the recognition of third country CCPs. Switzerland is still in the process of
finalising its regulatory regime for the clearing obligation, reporting obligation, nonfinancial
counterparties and risk mitigation techniques for uncleared trades. ESMA is
therefore still in the process of preparing its technical advice under these limbs of the
European Commission’s mandate. That technical advice will be delivered at a later
date.