ESMA signs Memorandum of Understanding with the Securities and Exchange Board of India
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has signed a Memorandum of Understanding (MoU) with the Securities and Exchange Board of India (SEBI) to facilitate cooperation and exchange of information in relation to the recognition of central counterparties (CCPs) established in India and supervised by SEBI.
Following the signature of an MoU between ESMA and the Reserve Bank of India (RBI) earlier this year, this agreement marks a further significant step towards restoring access for EU clearing members to Indian CCPs and follows more than two years of sustained engagement between ESMA and Indian authorities.
This MoU is the result of close and constructive cooperation between ESMA and SEBI and reflects ESMA’s strong commitment to international supervisory cooperation and mutual support to advance safe, resilient and open financial markets.
Next steps
The MoU will allow CCPs established in India and supervised by SEBI to re-apply for recognition under EMIR. It is a key requirement under Article 25 of the European Market Infrastructure Regulation (EMIR) for the recognition of third-country CCPs by ESMA.
ESMA is continuing discussions with the International Financial Services Centres Authority (IFSCA) with a view to concluding a similar cooperation arrangement.
Further information:
Tayfun Yilmaz
Communications Officer
press@esma.europa.eu