The European Securities and Markets Authority (ESMA) has established three Memoranda of Understanding (MoUs) under the European Markets Infrastructure Regulation (EMIR).
The MoUs establish cooperation arrangements, including the exchange of information, regarding Central Counterparties (CCPs) which are established and authorised or recognised in Canada (Alberta, Manitoba, Ontario and/or Quebec) or Switzerland, and which have applied for EU recognition under EMIR.
EMIR provides for cooperation arrangements between ESMA and the relevant non-EU authorities whose legal and supervisory framework for CCPs have been deemed equivalent to EMIR by the European Commission.
ESMA agreed two MoUs with the following Canadian regulators:
• the Alberta Securities Commission (ASC);
• the Autorité des Marchés Financiers of Québec (AMF) ;
• the Manitoba Securities Commission (MSC); and
• the Ontario Securities Commission (OSC).
ESMA agreed one MoU with the following Swiss regulators:
• the Swiss Financial Market Authority (FINMA); and
• the Swiss National Bank (SNB.)
The MoUs are effective as of 30 November 2015, except for the OSC as the respective MoU will enter into force in Ontario upon endorsement by the respective Ministry in accordance with local legislation.