South Korea, ESMA reach understanding

The European Securities and Markets Authority (ESMA) has established a Memorandum of Understanding (MoUs) with the South Korean Financial Services Commission (FSC) and the country’s Financial Supervisory Service (FSS), under the European Markets Infrastructure Regulation (EMIR).

Effective March 15, the MoU establishes co-operation arrangements, including the exchange of information, regarding Central Counterparties (CCPs) which are established and authorised or recognised in South Korea, and which have applied for EU recognition under EMIR.