The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has announced its recognition of two central counterparties (CCPs) established in the United States (U.S.) as Tier 1 CCPs under the European Market Infrastructure Regulation (EMIR).
These are the Fixed Income Clearing
Corporation (FICC) and the Options Clearing Corporation (OCC).
ESMA, on 27 June 2022, recognised, for the first
time, both FICC, which is authorised and supervised by the U.S.
Securities and Exchange Commission (SEC), and OCC, which is jointly
authorised and supervised by the SEC and the U.S. Commodity Futures
Trading Commission (CFTC), as Tier 1 CCPs under Article 25 of EMIR. This
follows the European Commission’s adoption, on 4 April 2022, of the
amendments to the Commission Implementing Decision (EU) 2021/85 on the
equivalence to EMIR’s requirements of the US regulatory framework for
CCPs that are authorised and supervised by the SEC, as well as of the
Commission Implementing Decision (EU) 2022/552.
The detailed list of recognised TC-CCPs is published on the ESMA website.
ESMA
© ESMA
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