News & Analysis as of August 24, 2025

Third Country Entities (TCEs)

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Regulatory monitoring - July 2025

A&O Shearman on 8/4/2025

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU EBA: Report on the exemption of third country undertakings from the requirement to set-up a branch for the provision of banking services to EU...more

Benchmarks: Delegated Acts on ESG Disclosures Published and Transitional Period for Third Country Benchmarks Extended

Latham & Watkins LLP on 12/7/2020

Three delegated acts that supplement the EU Benchmarks Regulation will come into force on 23 December 2020. The long-awaited delegated acts (Delegated Acts) required by Regulation (EU) 2019/2089 (the Low Carbon Benchmarks...more

MiFID’s Transparency Rules: ESMA Confirms Equivalence of Numerous Non-EU Venues

Latham & Watkins LLP on 6/16/2020

Implications for users of third-country trading venues as ESMA confirms the list of venues who meet the criteria in its updated opinions on transparency and position limits. On 3 June 2020, ESMA published updated versions...more

ESMA Provides Its Input on the BMR Review

Latham & Watkins LLP on 2/20/2020

ESMA has published its response to the Commission’s review of the BMR, which gives an indication of the areas where changes to the regulation are more likely to be made. Key Points: ..ESMA’s response to the European...more

Final EMIR 2.2 Technical Advice Published

A&O Shearman on 12/2/2019

Following its consultation earlier this year, the European Securities and Markets Authority has published final reports and the final technical advice on third-country CCP tiering, comparable compliance and fees under draft...more

Final EU Technical Standards on Cooperation Arrangements with Third-Country Regulators on Market Abuse Issues

A&O Shearman on 10/21/2019

The European Securities and Markets Authority has published a final report and final draft Regulatory Technical Standards on supervisory cooperation between EU national regulators and third-country national regulators. The...more

EU Equivalence for Australian and Singaporean Benchmarks

A&O Shearman on 8/9/2019

Two equivalence decisions under the EU Benchmark Regulation have been published in the Official Journal of the European Union. The first decision declares as equivalent to the EU regime the legal and supervisory framework of...more

EU Credit Rating Equivalence Decisions Repealed for Some; Reaffirmed for Others

A&O Shearman on 8/9/2019

A series of Implementing Decisions on the equivalence with the EU Credit Rating Agencies Regulation of the credit rating regimes of certain non-EU countries have been published in the Official Journal of the European Union....more

Firms Criticized for Non-Compliance with the EU Contracts For Difference Product Intervention Measures

A&O Shearman on 7/17/2019

The European Securities and Markets Authority has published a Statement cautioning contracts for difference providers to comply with its temporary product intervention measure restricting the marketing, distribution or sale...more

European Commission Updates Credit Rating Agencies Regulation Equivalence Decisions

A&O Shearman on 6/21/2019

The European Commission has published a series of draft Implementing Decisions on the equivalence with the EU Credit Rating Agencies Regulation of the credit rating regimes of certain non-EU countries. The Implementing...more

Emir Refit: Impact of the Reclassification of Funds

A&O Shearman on 4/3/2019

The EU proposals to amend technical aspects of the European Market Infrastructure Regulation (EMIR), known colloquially as ‘EMIR 2.1’ or ‘EMIR Refit’, have been politically agreed. The final text is likely to be published in...more

Statement by EU Supervisory Authority Confirms No EU Transitional Measures For UK Credit Rating Agencies and Trade Repositories on...

A&O Shearman on 11/21/2018

The European Securities and Markets Authority has issued a public statement urging customers of credit rating agencies and trade repositories to prepare for a "no deal" Brexit. The European Market Infrastructure Regulation...more

More Pieces of the Brexit Puzzle: Enhanced Equivalence, Transitional Regimes

A&O Shearman on 8/21/2018

Many EU and U.K. financial institutions have been waiting with bated breath for (and commencing their contingency plans without) a clear picture of what post-Brexit U.K.-EU financial services will look like. In this note we...more

EU Implementing Regulations for Benchmark Regulation Published

A&O Shearman on 8/17/2018

Two Commission Implementing Regulations supplementing the Benchmark Regulation have been published in the Official Journal of the European Union. The Benchmark Regulation, which took effect across the EU in January 2018, sets...more

Final EU Guidelines Clarify the Third-Country Endorsement Regime for Credit Ratings

A&O Shearman on 8/2/2018

The European Securities and Markets Authority has published a final report on the application of the endorsement regime under the EU Credit Rating Agencies Regulation. The report contains ESMA's feedback statement for its...more

EU Consultation on Extending the Exemption From the Clearing Obligation for Intragroup Transactions with Third Country Group...

A&O Shearman on 7/23/2018

The European Securities and Markets Authority has opened a consultation on the exemption from the clearing obligation for intragroup transactions with a third country group entity. There are three Regulatory Technical...more

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European Union › European Securities and Markets Authority (ESMA) › Third Country Entities (TCEs)

Regulatory monitoring - July 2025

Benchmarks: Delegated Acts on ESG Disclosures Published and Transitional Period for Third Country Benchmarks Extended

MiFID’s Transparency Rules: ESMA Confirms Equivalence of Numerous Non-EU Venues

ESMA Provides Its Input on the BMR Review

Final EMIR 2.2 Technical Advice Published

Final EU Technical Standards on Cooperation Arrangements with Third-Country Regulators on Market Abuse Issues

EU Equivalence for Australian and Singaporean Benchmarks

EU Credit Rating Equivalence Decisions Repealed for Some; Reaffirmed for Others

Firms Criticized for Non-Compliance with the EU Contracts For Difference Product Intervention Measures

European Commission Updates Credit Rating Agencies Regulation Equivalence Decisions

Emir Refit: Impact of the Reclassification of Funds

Statement by EU Supervisory Authority Confirms No EU Transitional Measures For UK Credit Rating Agencies and Trade Repositories on...

More Pieces of the Brexit Puzzle: Enhanced Equivalence, Transitional Regimes

EU Implementing Regulations for Benchmark Regulation Published

Final EU Guidelines Clarify the Third-Country Endorsement Regime for Credit Ratings

EU Consultation on Extending the Exemption From the Clearing Obligation for Intragroup Transactions with Third Country Group...

EU Authority Seeks to Clarify the Third-Country Endorsement Regime for Credit Ratings

European Securities and Markets Authority Issues Final Guidelines for Position Calculation by Trade Repositories

EU Extends Transitional Measures for Exposures to CCPs Again

ESMA Clarifies Third Country Transitionals Under the EU Benchmarks Regulation

European Commission Proposals for a "Location Policy" and Enhanced Supervision of Third Country CCPs

First US Clearing House Recognized in Europe under EMIR

European Union › European Securities and Markets Authority (ESMA) › Third Country Entities (TCEs)

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