The European Securities and Market Authority (ESMA) has published a supplement to its advice to the European Commission on the equivalence of the regulatory regime for Japanese central counterparties (CCPs) with the European Markets Infrastructure Regulation
(EMIR). The supplement sets out ESMA’s advice to the Commission in respect of the equivalence between the Japanese regulatory regime for commodity CCPs and the regulatory regime for CCPs under EMIR. ESMA considers that the Japanese regulatory regime for
commodity CCPs contains legal provisions and involves supervision and enforcement similar to that of EMIR.
The Commission will use the ESMA technical advice to prepare equivalence decisions. Where it adopts such a decision, certain provisions of EMIR may be disapplied in favour of the equivalent third-country rules.
Related link:
http://www.esma.europa.eu/system/files/2014-esma-123_-_esma_technical_advice_on_equivalence_of_japan_for_ccp_ii__-_commodities_ccps.pdf