(42)At the request of a Tier 2 CCP, ESMA should also be able to take into account the extent to which the compliance of such a CCP with the requirements applicable in that third country can be compared to the compliance of that CCP with the requirements of Regulation (EU) No 648/2012. When conducting that assessment, ESMA should take into account the implementing act adopted by the Commission determining that the legal and supervisory arrangements of the third country where the CCP is established are equivalent to those of Regulation (EU) No 648/2012 and any conditions to which the application of that implementing act might be subject. In order to ensure proportionality, ESMA should also consider, when conducting that assessment, the extent to which the financial instruments cleared by the CCP are denominated in Union currencies. The Commission should adopt a delegated act specifying the modalities and conditions to assess such comparable compliance.