ASC enters into agreement with ESMA to establish cooperation arrangements for central counterparties

CALGARY, Jan. 7, 2016 /CNW/ - The Alberta Securities Commission (ASC) and the European Securities and Markets Authority (ESMA) have signed a Memorandum of Understanding (MoU) regarding Central Counterparties (CCPs). The MoU establishes cooperation arrangements between the ASC and ESMA for CCPs that are established, recognized and regulated in Alberta and have applied to ESMA for recognition under the European Markets Infrastructure Regulation (Covered CCPs).

On November 13, 2015, the European Commission announced its decision that Canada has an equivalent regulatory regime for CCPs to the European Union. This decision enables Canadian CCPs to obtain recognition as third country CCPs in the European Union.

Covered CCPs will remain subject to the regulation and supervision of the ASC as their principal regulator. The MOU will facilitate the exchange of information between the ASC and ESMA in the supervision and oversight of Covered CCPs. 

The MOU was signed by ASC interim Chair Tom Cotter and ESMA Chair Steven Maijoor, and became effective November 30, 2015.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

ESMA is an independent European Union Authority that contributes to safeguarding the stability of the European Union's financial system by enhancing the protection of investors and promoting stable and orderly financial markets.

SOURCE Alberta Securities Commission

For Media Inquiries: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488