Community
The European Securities and Markets Authority (ESMA) has published its advice to the European Commission on the equivalence of the regulatory regimes for over-the-counter (OTC) derivatives clearing, central counterparties (CCPs), and trade repositories (TR) of non-EU countries with the European Markets Infrastructure Regulation (EMIR). ESMA's advice is based on a factual assessment of the rules of each jurisdiction against EMIR requirements and has also taken into account pending regulations in several jurisdictions that may impact the equivalence assessment. ESMA considers third-country regimes equivalent where the legal provisions and the level of supervision and enforcement is similar to that of EMIR.
ESMA assessed the equivalence of the regulatory regimes of Australia, Hong Kong, Japan, Singapore, Switzerland and the US.
ESMA found the regulatory regimes of Australia and Switzerland for CCPs equivalent to EU rules.
Conditional equivalence is proposed for the following regimes:
For Australia, Canada, Hong Kong, India, Singapore, South Korea and Switzerland, ESMA will be delivering its advice on the other areas by 1 October 2013.
CCPs from third countries that want to continue to offer clearing services directly to EU clearing members must apply for ESMA recognition by 15 September 2013.
Related Link:
http://www.esma.europa.eu/Press%20Release%20-%20ESMA%20advises%20Commission%20on%20equivalence%20of%20non-European%20derivatives%20rules?t=326&o=home
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