The supervision of the Covered CCPs is based upon close cooperation and the Authorities' mutual respect for each jurisdiction's regulatory regime and each Authority's supervisory practices.
The Authorities by signing this Memorandum of Understanding affirm their willingness to cooperate and exchange information to proportionately fulfil their respective supervisory and regulatory responsibilities with respect to the CCPs established in Hong Kong that have applied or that may apply to the European Securities and Markets Authority (“ESMA") for recognition as third-country CCPs or that are already recognised by ESMA as Tier 1 third-country CCPs (“Covered CCPs"), pursuant to Article 25 of Regulation (EU) No 648/2012 (“EMIR")1.
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