ESMA to cooperate with the Hong Kong SFC on CCPs
The European Securities and Markets Authority (ESMA) and the Hong Kong Securities and Futures Commission (SFC) have concluded a Memorandum of Understanding (MoU). The MoU establishes cooperation arrangements between the signatory authorities regarding Central Counterparties (CCPs) that are established in Hong Kong and have applied for recognition under EMIR. The MoU is effective as of 19 December 2014.
This MoU is established under the European Markets Infrastructure Regulation (EMIR). EMIR provides for cooperation arrangements to be established between ESMA and non-EU authorities whose legal and supervisory framework for CCPs have been deemed equivalent to EMIR by the European Commission.
ESMA is working closely with other third-country authorities on similar cooperation arrangements.