The EC has published a note in relation to the practical implementation of the EMIR framework to non-EU central counterparties. Issues covered in the memo include:

  • what CCP's are subject to EMIR recognition approval?
  • what are the benefits of being recognised under EMIR?
  • how does the EMIR recognition procedure work?
  • what is the process for the adoption of equivalence decisions? and
  • what is the timeline?