Article 25(1) EMIR 1 will prohibit non-EU central counterparties (CCPs) from providing clearing services to clearing members (and trading venues) established in the EU unless and until the CCP is recognised by the European Securities and Markets Authority (ESMA). As with other provisions of EMIR relating to the regulation of CCP, this provision will apply to all kinds of CCPs including those clearing OTC derivatives, exchange traded derivatives and securities transactions.
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