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ARTICLE · 20 APRIL 2015

EMIR - MoUs In Relation To Non-EU CCPs

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Further to the above equivalence assessments ESMA entered into a first MoU, established under Article 76 of EMIR, with the Australian Securities & Investments Commission ("ASIC") last November 2014.

European UnionFinance and Banking
Bonn Steichen & Partners
Bonn Steichen & Partners

Regulation (EU) No 648/2012 of the European Parliament and of the Council of July 4th 2012 on OTC derivatives, central counterparties and trade repositories ("EMIR") provides for cooperation arrangements to be established between the European Securities and Markets Authority ("ESMA") and non-EU authorities whose legal and supervisory framework for CCPs have been deemed equivalent to EMIR by the European Commission under the form of Memorandum of Understanding ("MoU").

The European Commission started its equivalence assessment in relation to such non-EU CCPs last October 30th 2014, where it has adopted four "equivalence" decisions (implementing acts) for the regulatory regimes for central counterparties ("CCPs") in Australia, Hong Kong, Japan and Singapore.

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