Question
Under which legal provision does the RBI–ESMA Memorandum of Understanding fulfil a key requirement for recognition of CCIL in the European Union?
Solution
The RBI–ESMA MoU meets a key regulatory requirement under Article 25 of the European Market Infrastructure Regulation (EMIR) . This provision governs the recognition of third-country Central Counterparties, allowing CCIL to seek recognition in the European Union.
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