Third-country CCPs may provide clearing services to Union clearing members or trading venues only if recognised by ESMA. Tier 1 recognition requires a Commission implementing act; authorisation and effective supervision in the third country; established cooperation arrangements; absence of strategic AML/CFT deficiencies; and that the CCP is not systemically important. ESMA determines systemic importance (Tier 2) by assessing activity size, exposures, risk profile, impact of failure, membership and client structures, availability of alternative CCPs and interdependencies; further criteria will be specified by delegated act.

Tier 2 recognition requires, in addition, compliance with Article 16 and Titles IV–V; written confirmation from central banks of issue on monetary‑policy related conditions; an unconditional consent by the CCP to provide documents and ESMA access to premises supported by an independent legal opinion; and implementation of measures to ensure compliance. ESMA consults designated authorities, assesses applications (30 working days for completeness; decision within 180 working days), reviews recognition at least every five years or on material change, and establishes cooperation arrangements; the Commission may adopt implementing acts on third‑country equivalence, supervision, monitoring, information exchange and enforcement.