On January 13, 2022, the Ontario Securities Commission (OSC) announced that it and Quebec’s Autorité des marchés financiers (AMF) have entered into an amended Memorandum of Understanding (MOU) with the European Securities and Markets Authority (ESMA). The MOU is intended to enhance cooperation and information sharing between the signatories in regards to the monitoring of compliance with recognition conditions by Canadian central counterparties that have applied for recognition to provide clearing services to clearing members or trading venues established in the European Union.

The MOU replaces an earlier agreement signed in 2016 and will, according to the OSC, provide the ESMA with “adequate tools to assess compliance and on-going compliance by third-country CCPs with recognition conditions.”