1. ESMA shall grant comparable compliance with respect to the requirements set out in Title IV of Regulation (EU) No 648/2012 where:
((a))
the Tier 2 CCP complies with the requirements referred to in the implementing act referred to in Article 25(6) of that Regulation, if any;
((b))
the Tier 2 CCP complies with all relevant elements set out in Annex I to this Regulation.
2. Before ESMA adopts a decision not to grant comparable compliance, it shall:
((a))
verify its understanding of the applicable third-country framework and the way in which the Tier 2 CCP complies with it with that CCP’s competent authority,
((b))
inform the Commission thereof.