The International Organization of Securities Commissions published a letter on behalf of its Asia Pacific members to the European Commission dated 21 March 2014 regarding the recognition of Asia Pacific central counterparties ("CCPs") under the European Market Infrastructure Regulation. The letter contains three requests which are:
1. That the effect of any equivalence decision on the domestic Asian-Pacific markets is taken into account;
2. For provision of information on and a copy of the Memorandum of Understanding with the European Securities and Markets Authority ("ESMA"); and
3. That the European Commission exercises its discretion to extend the deadline of 15 June 2014 under the Capital Requirements Regulation ("CRR") for non-EU CCPs to qualify as "qualifying CCPs" for the purpose of the calculation by banks and investment firms of the risk weightings attached to their exposure to CCPs.
The letter is available at: http://www.iosco.org/committees/aprc/pdf/20140321_APRC_letter_to_EU.pdf.
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