The European Securities and Markets Authority (ESMA) has established agreements with Canadian and Swiss regulators to cooperate regarding central counterparties (CCPs) that have applied for EU recognition under the European Markets Infrastructure Regulation (EMIR).
Three memoranda of understanding include agreements on the exchange of information, and refer to CCPs that are established, authorised or recognised in Alberta, Manitoba, Ontario, Quebec or Switzerland.
EMIR rules allow for cooperation arrangements between ESMA and non-EU authorities, as long as those authorities’ legal frameworks have been deemed by the European Commission to be equivalent to EMIR.
The agreements are already effective, with the exception of the arrangement with the Ontario Securities Commission. This will come in to force in Ontario upon further endorsement required by local legislation.
