ESMA has signed a Memorandum of Understanding (MoU) with the Reserve Bank of India (RBI) aimed at strengthening supervisory cooperation and enabling the exchange of information linked to the recognition of Indian CCPs overseen by the RBI.
ESMA said the agreement is designed to help restore access for EU clearing members to Indian CCPs, describing it as a notable step forward after two years of sustained engagement between the two authorities. The regulator positioned the MoU as part of its broader push for international supervisory cooperation, with the goal of supporting safe, resilient and open financial markets.
A key element of the announcement is the link to the European Market Infrastructure Regulation (EMIR). Under Article 25 of EMIR, an MoU is a requirement for ESMA to recognise third-country CCPs.
With this cooperation framework now in place, the Clearing Corporation of India Ltd (CCIL) — a CCP established in India and supervised by the RBI — can re-apply for recognition under EMIR.
ESMA also noted that work is continuing with other Indian authorities to expand this cooperation model. The regulator said it remains in discussions with the Securities and Exchange Board of India (SEBI) and the International Financial Services Centres Authority (IFSCA) with the aim of concluding similar arrangements.
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