In this issue:
- Regulatory Capital
- Financial Services
- Consumer Protection
- Excerpt from Derivatives:
ESMA Supplements its Technical Advice on Equivalence of Japanese Regime -
On 30 January 2014, the European Securities and Markets Authority (“ESMA”) published supplemental technical advice to the European Commission on the equivalence of the Japanese regulatory regime to the EU regime under the European Market Infrastructure Regulations (“EMIR”). ESMA provided initial advice to the European Commission on 1 September 2013 relating to the recognition of third country central counterparties (“CCPs”) and the identification of duplicative or conflicting requirements for clearing, reporting, non-financial counterparties and risk mitigation. Since that advice was provided, ESMA has become aware that there is a separate regulatory regime in Japan for CCPs clearing commodities derivatives transactions and OTC commodities transactions (“Commodities CCPs”). ESMA's advice in September 2013 only covered the recognition of third country CCPs clearing derivatives in securities, currencies, interest rates, credit, weather, GDP and other indices. ESMA’s advice to the Commission is that the Japanese regulatory regime for Commodities CCPs is broadly equivalent to the EU regime.
Please see full newsletter below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.