On October 2, ESMA published its second round of advice on the equivalence of regulatory regimes under EMIR (the Regulation on OTC derivative transactions, central counterparties and trade repositories) to the European Commission.

The advice includes equivalence assessments of the regulatory regimes of India, Canada and South Korea and the existing equivalence assessments of Australia, Switzerland, Hong Kong and Singapore.

Comparisons were made between the third-country rules and EMIR requirements for trade repositories and/or central clearing, CCPs, reporting, non-financial counterparties and risk mitigation techniques for uncleared trades.