The European Securities and Markets Authority (ESMA) has signed a memorandum of understanding (MOU) with the Australian Securities and Investment Commission (ASIC) and the Reserve Bank of Australia (RBA) to cooperate regarding central counterparties (CCPs).
The MOU affects CCPs that are established in Australia but have applied for recognition under the European Markets Infrastructure Regulation (EMIR). Corporate arrangements can now be established between EMSA and non-EU authorities whose legal and supervisory frameworks are deemed equivalent, by EMIR, to the European Commission.
An additional MOU between ESMA and ASIC means that non-EU regulators that don't have trade repositories in their own jurisdiction could be able to access data on derivatives in European trade repositories. This also ensures professional secrecy where required.
