Watchdog Sets Out Regime For Non-EU Clearinghouses
Law360, London (May 28, 2019, 2:29 PM BST) -- Europe’s securities regulator launched three consultations Tuesday on tough new measures for governing foreign clearinghouses according to the risks they would pose to financial stability in the bloc if they went bust.
The reform will change how Europe's regulators authorize and supervise central counterparties based outside the European Union. The European Securities and Markets Authority is consulting on measures, agreed by European lawmakers in March, to introduce a two-tier system for so-called third country CCPs, which will impose stricter rules on those that are bigger or more complex or which have a larger number of members.
The regulator is also asking for responses...
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