EU recognises Swiss central counterparty regulation as equivalent
Bern, 16.11.2015 - Switzerland's supervisory regime for central counterparties has been recognised by the European Commission as equivalent to the relevant provisions applicable within the European Union (EU). The equivalence decision provides the basis for Swiss central counterparties to access cross-border markets in the EU. It was published in the Official Journal of the EU on 14 November 2015.
In its equivalence assessment, the European Securities and Markets Authority, ESMA, examined whether Switzerland's supervisory regime for central counterparties corresponds to the EU regulations (EU regulation on OTC derivatives, central counterparties and trade repositories, EMIR). Based on this assessment, the European Commission has recognised Switzerland's supervisory regime for central counterparties as equivalent.
This decision was published in the Official Journal of the EU on 14 November 2015 and will come into force 20 days later. It allows Swiss providers to be admitted to the EU market via authorisation from ESMA.
The State Secretariat for International Financial Matters (SIF) welcomes the European Commission's decision. The EU thus deems the prudential framework and the supervision of central counterparties in Switzerland to be equivalent. This will strengthen the Swiss financial centre's reputation and competitiveness, and secure EU market access for Swiss central counterparties.
Address for enquiries
Beat Werder, Head of Communications, State Secretariat for International Financial Matters SIF
Tel. +41 58 469 79 47, beat.werder@sif.admin.ch
Publisher
Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html