On 22 March 2022, ESMA completed the tiering and review of the recognition decisions of 25 TC-CCPs recognised by ESMA prior to September 2020, under Article 89(3c) of EMIR and in accordance with Article 25 of EMIR.
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has announced
a series of updates in relation to the recognition of central
counterparties established in third countries (TC-CCPs) under EMIR
(Regulation (EU) 648/2012).
The updates include the review of recognitions of
TC-CCPs that were already previously recognised, the conclusion of
revised Memoranda of Understanding (MoUs) with relevant third country
authorities, as well as the first-time recognition of the National
Securities Clearing Corporation (NSCC).
On 22 March 2022, ESMA completed the tiering and review of the
recognition decisions of 25 TC-CCPs recognised by ESMA prior to
September 2020, under Article 89(3c) of EMIR and in accordance with
Article 25 of EMIR. For a number of TC-CCPs, ESMA is still waiting for
some additional clarifications, including from the European Commission
(EC) regarding relevant equivalence decisions, in order to finalize the
review of recognition process.
ESMA also recognised for the first time NSCC, which is authorised and
supervised by the US Securities and Exchange Commission (SEC), as a
Tier 1 CCP under Article 25 of EMIR following the adoption by the EC of a
Commission Implementing Decision (EU) 2021/85 on the equivalence to the
requirements of EMIR of the United States regulatory framework for
central counterparties that are authorised and supervised by the SEC in
January 2021.
As pre-requisite to the recognition process, ESMA has to conclude
modified or new MoUs with the relevant third country authorities to
reflect key amendments to EMIR introduced by Regulation (EU) No
2019/2099 .
The 16 signed MoUs enhance the supervisory cooperation arrangements
between ESMA and the relevant third country authorities, whose legal and
supervisory framework for CCPs have been deemed equivalent to EMIR by
the European Commission. All MoUs between ESMA and third country
authorities are published on the ESMA website.
The detailed list of recognised TC-CCPs is published on the ESMA website (third-country_CCPs_recognised_under_emir.pdf (europa.eu)).
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