On February 18, the Financial Services Agency (FSA) and the European Securities and Markets Authority (ESMA) signed a Memorandum of Cooperation (MoC) (PDF:768KB) related to central counterparties (CCPs) established in Japan and licensed or approved by the FSA having applied to the ESMA for recognition as CCPs pursuant to Article 25 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (“EMIR”) in order to provide clearing services to clearing members or trading venues established in the European Union.
This MoC is to confirm the fulfilment of the condition for recognition by ESMA set out in Article 25(2)(c) of EMIR and to express each authority’s willingness to consult, cooperate and exchange information in the interest of fulfilling responsibilities and mandates of each authority over the CCPs.
