In this issue:

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- 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.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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