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The European Securities and Markets Authority (ESMA) and the Financial Services Agency of Japan (JFSA) have concluded a Memorandum of Cooperation (MoC).
The MoC establishes cooperation arrangements between the signatory authorities regarding Central Counterparties (CCPs) that are established in Japan, are licensed or approved by the JFSA, and have applied for recognition under EMIR.
The MoC is effective as of 18 February 2015. This MoC is established under the European Markets Infrastructure Regulation (EMIR).
EMIR provides for cooperation arrangements to be established between ESMA and non-EU authorities whose legal and supervisory framework for CCPs have been deemed equivalent to EMIR by the European Commission. ESMA is working closely with other third-country authorities on similar cooperation arrangements.
To read the full memorandum, click here.