The European Securities and Markets Authority (ESMA) and the Bank of England (BoE) have signed a revised Memorandum of Understanding (MoU) covering cooperation and information exchange on the three UK central counterparties (CCPs) recognised by ESMA under the European Market Infrastructure Regulation (EMIR). The revised MoU applies to ICE Clear Europe Ltd, LCH Ltd and LME Clear Ltd and updates the cooperation arrangements required for ESMA’s recognition of third-country CCPs, reflecting changes introduced by EMIR 3, including provisions relevant to systemically important third-country CCPs (Tier 2). It replaces the prior ESMA-BoE MoU concluded in 2020. The update follows the European Commission’s decision to extend equivalence for UK CCPs until 30 June 2028, alongside ESMA’s extension of its tiering determination and recognition decisions for these CCPs to the same date.
European Securities and Markets Authority 2025-03-17
European Securities and Markets Authority and Bank of England sign revised cooperation MoU for UK CCP oversight under EMIR 3
The European Securities and Markets Authority and the Bank of England have signed a revised Memorandum of Understanding to enhance cooperation and information exchange regarding the three UK central counterparties recognized under the European Market Infrastructure Regulation. This update, reflecting EMIR 3 changes, applies to ICE Clear Europe Ltd, LCH Ltd, and LME Clear Ltd, replacing the 2020 MoU. It aligns with the European Commission's extension of equivalence for UK CCPs until 30 June 2028.