Erscheinung:20.02.2023 Recognition procedure in accordance with Article 25 of EMIR: ESMA decides to refuse the recognition of six Indian central counterparties (CCPs)
On 31 October 2022, the European Securities and Markets Authority (ESMA) decided to refuse the recognition of six central counterparties established in India in accordance with Article 25 of the European Market Infrastructure Regulation (EU) 648/2012 (EMIR). The refusal decisions will enter into force on 30 April 2023.
On 17 February 2023, ESMA issued a publication regarding the approach taken by various National Competent Authorities. In this publication, ESMA noted that the refusal to recognise the six Indian CCPs could have a significant impact on the Indian business activities of some EU market participants. ESMA also took note of the approach that the French supervisory authorities (Autorité de contrôle prudentiel et de résolution – ACPR; Autorité des marchés financiers – AMF) and the German supervisory authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) will take. ESMA expects the institutions concerned to implement their plans for remediation of compliance as soon as possible.
