Common use of On-Site Visits Clause in Contracts

On-Site Visits. 1. ESMA does not intend to conduct any On-site Visits of the Covered CCPs as part of its assessment of compliance and monitoring of the ongoing compliance by Covered CCPs with the Recognition Conditions, since under Article 25(6) of EMIR the European Commission has adopted the Equivalence Decision. 2. Given that ESMA, in respect of Covered CCPs, relies as appropriate on the supervision and enforcement capabilities of the Local Authorities, which supervise and enforce compliance with the applicable Laws and Regulations of the Local Authorities, On-site Visits by ESMA officers will only be considered in exceptional circumstances. 3. In such exceptional circumstances, the Authorities should discuss and reach understanding on the terms regarding an On-site Visit by ESMA officers, in particular in determining the respective roles and responsibilities of the Authorities. ESMA will act in accordance with the following procedure before conducting an On-site Visit: a) ESMA will consult the Local Authorities with a view to reaching an understanding on the intended timeframe for, and the purpose and scope of, any On-site Visit. Each Local Authority may, in its discretion, accompany or assist the visiting ESMA officials during the On-site Visit. b) When establishing the scope of any proposed On-site Visit by ESMA officials, ESMA will consider the supervisory activities of the Local Authorities given ESMA's reliance as appropriate on the supervision and enforcement capabilities of the Local Authorities in respect of the Covered CCPs and will consider any information that was made available or is capable of being made available by the Local Authorities. c) The Local Authorities will assist ESMA in reviewing, interpreting and analysing the contents of public and non-public Books and Records and obtaining information from directors and senior management of a Covered CCP.

On-Site Visits. 1. ESMA does not intend to conduct any On-site Visits of the Covered CCPs as part of its assessment of compliance and monitoring of the ongoing compliance by Covered CCPs with the Recognition Conditions, since under Article 25(6) of EMIR the European Commission has adopted the Equivalence Decision. 2. Given that ESMA, in respect of Covered CCPs, relies as appropriate on the supervision and enforcement capabilities of the Local Authorities, South African Authorities which supervise supervises and enforce enforces compliance with the applicable South African Authorities' Laws and Regulations of the Local AuthoritiesRegulations, On-site Visits by ESMA officers will only be considered in exceptional circumstances. 3. In such exceptional circumstances, the Authorities should discuss and reach understanding on the terms regarding an On-site Visit by ESMA officers, in particular in determining the respective roles and responsibilities of the Authorities. ESMA will act in accordance with the following procedure before conducting an On-site Visit: a) ESMA will consult the Local South African Authorities with a view to reaching an understanding on the intended timeframe for, and the purpose and scope of, any On-site Visit. Each Local Authority The South African Authorities may, in its their discretion, accompany or assist the visiting ESMA officials during the On-site Visit. b) When establishing the scope of any proposed On-site Visit by ESMA officials, ESMA will consider the supervisory activities of the Local Authorities South African Authorities, given ESMA's reliance as appropriate on the supervision and enforcement capabilities of the Local South African Authorities in respect of the Covered CCPs and will consider any information that was made available or is capable of being made available by the Local South African Authorities. c) The Local South African Authorities will assist ESMA in reviewing, interpreting and analysing the contents of public and non-public Books and Records and obtaining information from directors and senior management of a Covered CCP.

On-Site Visits. 1. ESMA does not intend to conduct any On-site Visits of the Covered CCPs as part of its assessment of compliance and monitoring of the ongoing compliance by Covered CCPs with the Recognition Conditions, since under Article 25(6) of EMIR the European Commission has adopted the Equivalence Decision. 2. Given that ESMA, in respect of Covered CCPs, relies as appropriate on the supervision and enforcement capabilities of the Local AuthoritiesCNBV, which supervise supervises and enforce enforces compliance with the applicable CNBV's Laws and Regulations of the Local AuthoritiesRegulations, On-site Visits by ESMA officers will only be considered in exceptional circumstances. 3. In such exceptional circumstances, the Authorities should discuss and reach understanding on the terms regarding an On-site Visit by ESMA officers, in particular in determining the respective roles and responsibilities of the Authorities. ESMA will act in accordance with the following procedure before conducting an On-site Visit: a) ESMA will consult the Local Authorities CNBV with a view to reaching an understanding on the intended timeframe for, and the purpose and scope of, any On-site Visit. Each Local Authority The CNBV may, in its discretion, accompany or assist the visiting ESMA officials during the On-site Visit. b) When establishing the scope of any proposed On-site Visit by ESMA officials, ESMA will consider the supervisory activities of the Local Authorities CNBV given ESMA's reliance as appropriate on the supervision and enforcement capabilities of the Local Authorities CNBV in respect of the Covered CCPs and will consider any information that was made available or is capable of being made available by the Local Authorities.CNBV c) The Local Authorities CNBV will assist ESMA in reviewing, interpreting and analysing the contents of public and non-public Books and Records and obtaining information from directors and senior management of a Covered CCP.