ESMA to cooperate with South Korean Regulators on Central Counterparties (CCPs)
The European Securities and Markets Authority (ESMA) has established a Memorandum of Understanding (MoUs) under the European Markets Infrastructure Regulation (EMIR) with the South Korean Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) respectively.
The MoU establishes cooperation arrangements, including the exchange of information, regarding Central Counterparties (CCPs) which are established and authorised or recognised in South Korea, and which have applied for EU recognition under EMIR.
EMIR provides for cooperation arrangements between ESMA and the relevant non-EU authorities whose legal and supervisory framework for CCPs have been deemed equivalent to EMIR by the European Commission.
The MoUs are effective as of 15 March 2015.
Source: ESMA
