ESMA and SFC sign CCP agreement
19 January 2015 Hong Kong
Image: Shutterstock
The European Securities and Markets Authority (ESMA) has signed a memorandum of understanding with the Hong Kong Securities and Futures Commission (SFC) to recognise Hong Kong central counterparties (CCPs) in Europe.
The agreement establishes cooperation between signatory authorities regarding CCPs that are established in Hong Kong and have applied for recognition under the European markets infrastructure regulation (EMIR).
Under EMIR, this type of agreement can be established between ESMA and non-EU authorities, if their legal and supervisory framework for CCPs are deemed equivalent to EMIR by the European Commission.
This partnership came in to effect on 19 December 2014, and ESMA is working with various other authorities to come to similar agreements.
The agreement establishes cooperation between signatory authorities regarding CCPs that are established in Hong Kong and have applied for recognition under the European markets infrastructure regulation (EMIR).
Under EMIR, this type of agreement can be established between ESMA and non-EU authorities, if their legal and supervisory framework for CCPs are deemed equivalent to EMIR by the European Commission.
This partnership came in to effect on 19 December 2014, and ESMA is working with various other authorities to come to similar agreements.
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