On January 16, 2015, the European Securities and Markets Authority ("ESMA") published the Memorandum of Understanding ("MoU") it entered into with the Hong Kong Securities and Futures Commission ("SFC") on December 19, 2014. The MoU was established further to the European Markets Infrastructure Regulation ("EMIR"), under which ESMA is required to set out cooperation arrangements between ESMA and non-EU authorities whose legal and supervisory framework for central counterparties ("CCPs") are deemed to be equivalent to the European requirements. The MoU provides ESMA with the tools to monitor the ongoing compliance of CCPs with the recognition conditions under EMIR and deals with topics such as requests for information, on-site inspections and confidentiality. The MoU is effective from December 19, 2014.
The MoU is available at: http://www.esma.europa.eu/news/ESMA-cooperate-Hong-Kong-SFC-CCPs?t=326&o=home.
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