INDIA: ICCL Applies for ESMA Recognition under EMIR

Wednesday December 21 2016

The Indian Clearing Corporation Limited (ICCL) has applied to European Securities and Market Authority (ESMA) as a Third Country Central Counterparty (TC-CCP) under the European Market Infrastructure Regulations (“EMIR”) which was, inter-alia, contingent upon India being rated “Equivalent” by the European Commission.

On December 16, 2016, the European Commission determined that India has an equivalent regulatory regime for central counterparties to the European Union. ICCL earlier has received a notification of completeness of application from ESMA and is currently awaiting decision on its TC-CCP recognition from ESMA.

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