ESMA has published a letter, dated 27 February 2013, received from the EU Commission with respect to technical advice to be provided by ESMA regarding the equivalence between certain third country legal and supervisory frameworks under EMIR.
The letter notes the “on-going…efforts by regulators in third countries towards finalising legislation and…the recent commitment in the OTC derivatives Regulators Group to consider the stage and form of implementation of OTC reforms in different jurisdictions”. In light of this, the EU Commission has postponed the deadline by which ESMA will be required to provide technical advice on third country equivalence to:
- 15 June 2013, with respect to the US and Japan, and
- 15 July 2013, with respect to all other countries referred to in the EU Commission’s original request for technical advice, dated 11 October 2012.