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ARTICLE · 25 NOVEMBER 2015

Update On Third Country Equivalence Under EMIR

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The European Commission has adopted "equivalence" decisions on the derivatives regulatory regimes for central counterparties in Canada, Mexico, the Republic of Korea, South Africa and Switzerland.

European UnionFinance and Banking
A&O Shearman
A&O Shearman
Thomas Donegan
Thomas Donegan
Azam Aziz
Azam Aziz
Donna Parisi
Donna Parisi
Geoffrey Goldman
Geoffrey Goldman
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The European Commission has adopted an "equivalence" decision on the derivatives regulatory regimes for derivatives clearing organisations in the United States. This follows the decisions adopted in November 2015 for Canada, Mexico, the Republic of Korea, South Africa and Switzerland and in October 2014 for Australia, Hong Kong, Japan and Singapore. Further decisions are awaited for other jurisdictions and for other derivatives regulatory requirements. This paper summarises the equivalence decisions and technical advice that has been produced to date.

Introduction

Under the European Market Infrastructure Regulation ("EMIR")1, the European Commission may adopt implementing acts declaring that the legal, supervisory and enforcement arrangements of a non-EU country are equivalent to the requirements in EMIR2. Such a decision is necessary for a central counterparty ("CCP") or trade repository ("TR") established in a non-EU country to provide their services in the EU.

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