ESMA has published technical advice on the equivalence of the regulatory regimes for OTC derivatives clearing, central counterparties (CCPs), and trade repositories (TR) of non-EU countries with the European Markets Infrastructure Regulation (EMIR). ESMA has proposed conditional equivalence for certain regimes including Hong Kong, Japan, Singapore, and the US for CCPs; the US and Japan for central clearing, requirements for non-financial counterparties and risk mitigation techniques for uncleared trades; and the US for TRs.

The next step is for ESMA to deliver its advice on areas not yet covered for Australia, Canada, Hong Kong, India, Singapore, South Korea and Switzerland by 1 October 2013.

CCPs from third-countries that want to continue to be offering clearing services directly to EU clearing members will have to apply for ESMA recognition by 15 September 2013.