The European Commission has published a paper on the “Practical implementation of the EMIR framework to non-EU central counterparties (CCPs)”. The European Market Infrastructure Regulation (EMIR) introduces a new recognition procedure for CCPs that are
established outside the EU but wish to provide services to market participants that are established in the EU. Clearing members established in the EU will only be able to use non-EU CCPs if they have been recognised under EMIR. The paper specifies
how this recognition procedure will be implemented through:
- the European Securities and Markets Authority (ESMA) – which will assess an application for recognition from non-EU CCPs, and establish cooperation arrangements with domestic supervisory authorities; and
- the Commission – which will prepare and adopt equivalence decisions for each foreign jurisdiction.
The deadline by which non-EU CCPs currently providing services to EU clearing members must apply for recognition to ESMA is 15 September 2013.
RELATED LINK
http://ec.europa.eu/internal_market/financial-markets/docs/derivatives/130513_equivalence-procedure_en.pdf