Author (Corporate) | European Commission |
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Series Title | Official Journal of the European Union |
Series Details | L 29, Pages 27-33 |
Publication Date | 28/01/2021 |
Content Type | Legislation |
Summary: Decision (EU) 2021/85 - adopted by the European Commission on 27 January 2021 - concerning the equivalence to the requirements of Regulation (EU) No 648/2012 of the US regulatory framework for central counterparties (CCPs) that are authorised and supervised by the US Securities and Exchange Commission. This is a text with EEA relevance. Further information: Central counterparties (CCPs) are bodies that operate between the buyer and seller of a derivative contract, becoming the buyer to every seller and the seller to every buyer. Regulation (EU) No 648/2012 - also known as the European Market Infrastructure Regulation (EMIR) - lays down rules in the European Union regarding over-the-counter (OTC) derivative contracts, central counterparties (CCPs) and trade repositories. This Decision determines that the United States Securities and Exchange Commission (SEC) regime for US CCPs is equivalent to EU rules. This is seen as a first step for US CCPs registered with the SEC to be recognised in the European Union. It allows for them to apply for recognition by the European Securities and Markets Authority (ESMA). The Decision also complements the existing equivalence Decision from 2016 for US CCPs regarding the US Commodity Futures Trading Commission (CFTC). |
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Source Link | http://data.europa.eu/eli/dec_impl/2021/85/oj |
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Subject Categories | Business and Industry |
Subject Tags | Bilateral Relations, Financial Services |
Countries / Regions | United States |
International Organisations | European Union [EU] |
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