Memorandum of Understanding - European Securities and Markets Authority, Autorité des marchés financiers, and Ontario Securities Commission
NOTICE OF AMENDED AND RESTATED
MEMORANDUM OF UNDERSTANDING
THE EUROPEAN SECURITIES AND MARKETS AUTHORITY,
THE ONTARIO SECURITIES COMMISSION, AND
THE AUTORITÉ DES MARCHÉS FINANCIERS OF QUÉBEC;
CENTRAL COUNTERPARTIES ESTABLISHED IN ONTARIO AND QUÉBEC – CANADA
January 13, 2022
The Ontario Securities Commission, together with the Autorité des marchés financiers of Quebec (the “Canadian Authorities”), recently entered into an amended and restated Memorandum of Understanding (“MoU”) with the European Securities and Markets Authority (“ESMA”). This MoU amends, restates and replaces the MoU which established cooperation and information sharing arrangements between the signatory authorities regarding the monitoring of the ongoing compliance with recognition conditions by central counterparties ("CCPs") established and recognized or designated as a clearing house or clearing agency in Canada which have applied for recognition under the European Markets Infrastructure Regulation ("EMIR") to provide clearing services to clearing members or trading venues established in the European Union (“EU”).
The amendments and restatements are necessary as a result of modifications made to the EU framework for recognition and supervision of third-country CCPs introduced by Regulation (EU) No 2019/2099 (“EMIR 2.2”). The MoU enhances cooperation and information sharing between the Canadian Authorities and ESMA and provides ESMA with adequate tools to assess compliance and on-going compliance by third-country CCPs with recognition conditions.
The amended and restated MoU is subject to the approval of the Minister of Finance and was delivered to the Minister of Finance on January 10, 2022.
Questions may be referred to:
Senior Legal Counsel