ESMA Publishes Advice on Equivalence of Regulatory Regimes

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 IndiaCanada and South Korea and the existing equivalence assessments of Australia, SwitzerlandHong 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.