ESMA signs MoU with the Reserve Bank of India

The European Securities and Markets Authority (ESMA) has announced the signing of a Memorandum of Understanding (MoU) with the Reserve Bank of India to support cooperation and information‑exchange for the recognition of Indian central counterparties (CCPs). The MoU fulfils the requirement under Article 25 of the European Market Infrastructure Regulation (EMIR) for a cooperation arrangement to be in place between ESMA and the relevant third-country authority whose legal and supervisory frameworks have been recognised as equivalent. This is a step towards restoring EU clearing members' access to Indian CCPs since certain CCPs had their recognition decisions withdrawn in 2022. ESMA also confirms that it will continue discussions with the Securities and Exchange Board of India and the International Financial Services Centres Authority with a view to establishing similar cooperation arrangements.

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