Tuesday, December 01. 2020
SEC Publishes Statement on European Central Counterparties Seeking to Register or Request Exemptions
The SEC has had a well-established working relationship with its European counterparts relative to supervision and enforcement of regulated entities. The SEC recognizes that the European SEC is making strides towards the adoption of an equivalence decision soon regarding the SEC’s system for regulating CCPs.
The Statement offers guidance concerning the following:
- the process for and considerations assumed by the SEC regarding requests for exemptions. Specifically, the Statement recognizes specific factors that the SEC will consider where such factor is relevant to a certain future request for an exemption by an EU CCP.
- the process for registration as a clearing agency, clarifying that EU CCPs can use preexisting materials, including any self-assessments, in their applications to demonstrate compliance with EMIR and consistency with SEC requirements for CCPs.
For more information, contact: Matthew Lee (Assistant Director), Stephanie Park (Senior Special Counsel) or Claire Noakes (Special Counsel) by phone at (202) 551-7000 in the Division of Trading and Markets, US Securities and Exchange Commission, or mail inquiries to:100 F Street, NE, Washington, DC 20549.
The policy statement will be effective following publication in the Federal Register.
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