Clifford Chance
ESMA advises European Commission on equivalence of non-EU clearing and derivatives rules
7 October 2013
ESMA has delivered its technical advice to the Commission on the equivalence of non-EU regulatory regimes for the purposes of EU regulation on OTC derivatives, central counterparties and trade repositories (EMIR). On 2 September 2013, ESMA provided advice covering the US, Japan, Australia, Hong Kong, Singapore, Switzerland, followed up additional advice on 1 October 2013, covering Canada, India and South Korea with supplemental advice on Australia, Hong Kong, Singapore and Switzerland. The advice covers the equivalence of the regulatory regimes in those states with respect to central counterparties, trade repositories and duplicative or conflicting rules on clearing, reporting, non-financial counterparty and risk mitigation.
