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Sep 04, 2013

ESMA Advice on Third-Country Equivalence Under EMIR

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Clarity to market participants on the equivalence of derivatives rules to European requirements has been much anticipated. On 3 September, ESMA published its technical advice to the European Commission on the equivalence of the US and Japanese derivatives frameworks to the EU rules. The advice is not the final EU statement on the equivalence of these regimes, because the European Commission is charged with adopting legislative acts on equivalence. Once it has considered ESMA’s advice, the Commission has the discretion (not apparently limited to concerns about financial services) to declare equivalence. Broadly speaking, several US and Japanese rules on derivatives have been considered equivalent, but this is subject to market participants agreeing to apply European standards, where higher.

View full memo, "ESMA Advice on Third-Country Equivalence Under EMIR"

Authors and Contributors

Barnabas Reynolds

Partner

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5528

+44 20 7655 5528

London

Thomas Donegan

Partner

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5566

+44 20 7655 5566

London

Geoffrey Goldman

Partner

Derivatives & Structured Products

+1 212 848 4867

+1 212 848 4867

New York

Russell Sacks

Partner

Financial Institutions Advisory & Financial Regulatory

+1 212 848 7585

+1 212 848 7585

New York

James Duncan

Partner

Finance

+44 20 7655 5757

+44 20 7655 5757

London

Patrick Clancy

Partner

Finance

+44 20 7655 5878

+44 20 7655 5878

London

John Adams

Partner

Investment Funds

+44 20 7655 5740

+44 20 7655 5740

London