Korean regulators sign accord with ESMA
On March 22, the European Securities and Markets Authority signed a memorandum of understanding with two South Korean regulators, the Financial Services Commission and the Financial Supervisory Service. The accord establishes cooperation arrangements, including the exchange of information, regarding central counterparties established in South Korea that have applied for EU recognition under EMIR. The MOU builds on the determination issued last November by the European Commission that Korea’s regulatory framework for CCPs is equivalent to Europe’s. The MOU is designed to support the application by the Korean Exchange for recognition in Europe, allowing it to offer clearing services to European market participants.
