Recital 49

(49)Regulation (EU) No 648/2012 should apply to interoperability arrangements for all types of financial and non-financial instruments, such as derivative contracts, in addition to money-market instruments and transferable securities as defined in Directive 2014/65/EU of the European Parliament and of the Council ¹⁷ . ESMA, after consulting the members of the ESCB and the ESRB, should therefore develop draft regulatory technical standards to ensure consistent, efficient and effective assessments of interoperability arrangements.