Montréal – The Autorité des marchés financiers (the “AMF”) and the Ontario Securities Commission (“OSC”) have entered into an Amended and Restated Memorandum of Understanding (“MoU”) with the European Securities and Markets Authority (“ESMA”) (collectively, the “Authorities”).
The MoU amends, restates and replaces the Memorandum of Understanding related to ESMA’s Monitoring of the Ongoing Compliance with Recognition Conditions by CCPs Established in Canada – Manitoba, Ontario and Québec, which was entered into in 2015 (“2015 MoU”). The 2015 MoU established cooperation and information arrangements between the Authorities regarding the monitoring of ongoing compliance with recognition conditions by third-country central counterparties, established and recognized as a clearing house or clearing agency in Canada, that provide clearing services to clearing members or trading venues established in the European Union (“Covered CCPs”), pursuant to Regulation (EU) No 648/2012 This link will open in a new window (“EMIR”).
The amendments and restatements are the result of modifications to the EMIR introduced by Regulation (EU) No 2019/2099 This link will open in a new window. The MoU enhances cooperation and information sharing between the Authorities, sets out their respective supervisory responsibilities and provides ESMA with tools to ensure more robust supervision of Covered CCPs.
The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.
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Sylvain Théberge: 514-940-2176
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