The European Commission recently extended the deadlines for the European Securities and Markets Authority to determine whether third-country regulatory regimes are equivalent to the European Market Infrastructure Regulation. Asian central counterparties will have to apply for ESMA recognition without knowing whether their jurisdiction's regulatory regime is determined to be equivalent. However, ISDA's Keith Noyes notes that CCPs have some room to maneuver. "Without doubt, CCPs will have to apply without knowing if they are in a jurisdiction that will be deemed equivalent to EMIR, but the ESMA attitude right now is 'get your application in,' which allows them to grant nine months transitional relief to sort things out," he said.
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