Third-country confusion!

Anne PlestedReported last week on FT.com, a coalition of trade associations has commissioned lawyers to study the viability of a mutual recognition regime between the EU and US regulators. This is to clarify ‘third-country’ requirements in EMIR (European Market Infrastructure Regulation – reforms for OTC derivatives) and MiFID II regarding financial services businesses in non-EU countries being recognised on the basis of their home country‚Äôs ‘equivalence’ with EU regulations.

Would a US bank have to set up a branch in the EU if it wanted to become a member of a clearing house based in the EU (and does that include London)? Confusion reigns over definitions (of US entity and EU entity) and how global financial institutions will comply with the Dodd-Frank Act, EMIR, MiFID II and legislation in Asia.

Reported to be the last piece of the EMIR legislative text still to be agreed, and with ESMA under pressure to finalise the detailed technical standards for EMIR by June 30, will the G20 commitment still be achievable by the end of 2012?

Comments
One Response to “Third-country confusion!”
  1. Christian Voigt says:

    Just a quick update on the EMIR timeline. ESMA will have until the end of September to finalise the technical standards for EMIR. ESMA had originally been given until 30 June to finalise its standards.

Leave A Comment

Copyright © 2017 Fidessa group plc. All rights reserved.

The information contained within this website is provided for informational purposes only. Fidessa will use reasonable care to ensure that information is accurate at the time it is made available, and for the duration that it remains on the site. The information may be changed by Fidessa at any time without notice. We also reserve the right to close the website at any time. No representation or warranty, expressed or implied, is given on behalf of Fidessa or any of its respective directors, employees, agents, or advisers as to the accuracy or completeness of the information or opinions contained herein or its suitability for any purpose and, save in the case of fraud, all liability for direct, indirect, special, consequential or other loss or damages of whatever kind that may arise from use of the website is hereby excluded to the fullest extent permitted by law. Any decisions you make based on the information in this website are your sole responsibility and information on the website should not be relied upon in connection with any investment decision.

The copyright of this website belongs to Fidessa. All other intellectual property rights are reserved.

Reproduction or redistribution of this information is prohibited except with written permission from Fidessa.