Here’s the converted article in markdown format:
Memorandum of Understanding between ESMA and FSC/FSS
=====================================================
Overview
The Memorandum of Understanding (MoU) outlined below details the cooperation terms between the European Securities and Markets Authority (ESMA) and the Financial Supervisory Commission/Financial Supervisory Service (FSC/FSS) in regards to Central Counterparties (CCPs), specifically their compliance with the European Market Infrastructure Regulation (EMIR) and other applicable laws and regulations.
Key Points
Information Sharing
- The authorities will share information about CCPs, including regulatory or supervisory reports and assessments.
- This sharing of information aims to enhance oversight and monitoring of CCPs, ensuring compliance with relevant regulations.
Requesting Information
- Requests for written information must be made in writing, specifying the purpose, timeframe, and urgency.
- Electronic transmission is acceptable; however, means should ensure confidentiality.
On-Site Visits
- ESMA may conduct on-site visits to CCPs, relying on FSC/FSS’s supervision capabilities. However, these visits will only occur in exceptional circumstances after consultation with FSC/FSS.
Use of Information
- The requesting authority can use non-public information solely for ensuring compliance with applicable laws and regulations.
Significance
This MoU reflects the cooperation between ESMA and FSC/FSS to enhance oversight and monitoring of CCPs, ensuring their compliance with relevant regulations. It demonstrates a commitment to effective regulation and supervision, which is crucial for maintaining financial stability in the European market and beyond.
If you have any specific questions or need further clarification on any aspect of this MoU, please feel free to ask!