Third-country confusion!

Anne PlestedReported last week on, 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’s ‘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?

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.

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