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期货和衍生品行业监管动态

The European Securities and Markets Authority (ESMA), the EU’s

financial markets regulator and supervisor, today announces that six central

counterparties (CCPs) established in India will have their recognition decisions

withdrawn in accordance with the European Market Infrastructure Regulation

(EMIR).

ESMA had to tier and review the recognition of all third country CCPs

(TC-CCPs) that had been recognised prior to 21 September 2020, in accordance with

EMIR (Article 89(3c)). Among these TC-CCPs, six are in India, namely:

 The Clearing Corporation of India (CCIL), supervised by the Reserve Bank

of India (RBI);

 Indian Clearing Corporation Limited (ICCL), supervised by the Securities
and Exchange Board of India (SEBI);

 NSE Clearing Limited (NSCCL), supervised by SEBI;

 Multi Commodity Exchange Clearing (MCXCCL), supervised by SEBI;

 India International Clearing Corporation (IFSC) Limited (IICC), supervised

by the International Financial Services Centre Authority (IFSCA); and

 NSE IFSC Clearing Corporation Ltd (NICCL), supervised by the IFSCA.

After conducting its assessment, ESMA established that not all of the cumulative

conditions under EMIR for the recognition of these six TC-CCPs are met, as no

cooperation arrangements (compliant with Article 25(7) of EMIR) have been

concluded between ESMA and each of the relevant Indian authorities, i.e. RBI, SEBI

and IFSCA. Therefore, the condition under point (c) of Article 25(2) of EMIR is not

met.

As a result, ESMA concludes that these TC-CCPs cannot continue to be
recognised in the European Union under the currently applicable EMIR regime. As of

the date of application of the withdrawal decisions, these TC-CCPs will no longer be

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