September ESMA advises European Commission on equivalence of non-eu clearing and derivatives rules. Summary table

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1 Sea of Change Regulatory reforms charting a new course ESMA advises European Commission on equivalence of non-eu clearing and derivatives rules Summary table September 2013

2 ESMA advises European Commission on equivalence of non-eu clearing and derivatives rules Sea of Change Regulatory reforms charting a new course ESMA has delivered its first technical advice to the Commission on the equivalence of non- EU regulatory regimes for the purposes of EMIR Advice was published on 2 September 2013, covering six jurisdictions: the US, Japan, Australia, Hong Kong, Singapore, Switzerland The advice covers the equivalence of the regulatory regimes in those states with respect to: Central counterparties (Article 25(6) EMIR) all states; Trade repositories (Article 75(1) EMIR) the US only; Possibly duplicative or conflicting clearing, reporting, non-financial counterparty and risk mitigation rules (Article 13(3) EMIR) Japan and the US only. ESMA plans to deliver additional advice on some of these jurisdictions at a later stage as well as advice on Canada, India and South Korea. The Commission is not required to follow ESMA s advice: it will have to determine whether to adopt implementing acts under EMIR determining the equivalence of the relevant non-eu regimes The following table provides a high level summary of: the coverage of the advice delivered; the nature of ESMA's findings where it has delivered advice on equivalence; and ESMA's plans for further advice (based on its letter of 2 September 2013 to the European Commission). More information is available on the ESMA website at ESMA advises European Commission on equivalence of non-eu clearing and derivatives rules 2

Summary table CCPs Trade repositories Article 13 EMIR US (conditional equivalence) (conditional equivalence) (partial/conditional equivalence) Japan (conditional equivalence) Not now planned

To follow To follow Switzerland (equivalence) To follow To follow Canada Not planned Not planned To follow India To follow Not planned Not planned South Korea To follow Not planned Not planned Rest

3 Summary table CCPs Trade repositories Article 13 EMIR US (conditional equivalence) (conditional equivalence) (partial/conditional equivalence) Japan (conditional equivalence) Not now planned (partial/conditional equivalence) Australia (equivalence except ASX equities clearing) To follow To follow Hong Kong (conditional equivalence) To follow To follow Singapore (conditional equivalence) To follow To follow Switzerland (equivalence) To follow To follow Canada Not planned Not planned To follow India To follow Not planned Not planned South Korea To follow Not planned Not planned Rest of world Not planned Not planned Not planned This document is not intended to be comprehensive or to provide legal advice. For more information, speak to one of the lawyers named below or your usual contact. ESMA advises European Commission on equivalence of non-eu clearing and derivatives rules 3

Contacts Sea of Change Regulatory reforms

Dawson Senior Associate Simon Gleeson Caroline

T: +44 20 7006 4355 T: +44 20 7006 4979 M: +44

gleeson@ T: +44 20 7006 4253 M: +44 7717

meinertz@ Habib Motani Nick O Neill Monica Sah

4 Contacts Sea of Change Regulatory reforms charting a new course Chris Bates Caroline Dawson Senior Associate Simon Gleeson Caroline Meinertz Senior Associate T: T: T: M: M: M: E: chris.bates@ E: caroline.dawson@ E: simon.gleeson@ T: M: E: caroline.meinertz@ Habib Motani Nick O Neill Monica Sah Jeremy Walter T: M: E: habib.motani@ T: M: E: nick.o neill@ T: M: E: Monica.sah@ T: M: E: jeremy.walter@ ESMA advises European Commission on equivalence of non-eu clearing and derivatives rules 4

5 Worldwide contact information 35* offices in 25 countries Abu Dhabi 9th Floor Al Sila Tower Sowwah Square PO Box Abu Dhabi United Arab Emirates Tel +971 (0) Fax +971 (0) Bucharest Badea Excelsior Center Academiei Street 12th Floor, Sector 1 Bucharest, Romania Tel Fax Hong Kong 28th Floor Jardine House One Connaught Place Hong Kong Tel Fax Milan Piazzetta M.Bossi, Milan Italy Tel Fax Prague Jungmannova Plaza Jungmannova Prague 1 Czech Republic Tel Fax Sydney Level 16 No. 1 O'Connell Street Sydney NSW 2000 Australia Tel Fax Amsterdam Droogbak 1A 1013 GE Amsterdam PO Box AG Amsterdam The Netherlands Tel Fax Casablanca 169, boulevard Hassan 1er Casablanca Morocco Tel Fax Istanbul Kanyon Ofis Binasi Kat 10 Büyükdere Cad. No Levent Istanbul Turkey Tel Fax Moscow Ul. Gasheka Moscow Russian Federation Tel Fax Rome Via Di Villa Sacchetti, Rome Italy Tel Fax Tokyo Akasaka Tameike Tower, 7th Floor 17-7 Akasaka 2-Chome Minato-ku, Tokyo Japan Tel Fax Bangkok Sindhorn Building Tower 3 21st Floor Wireless Road Pathumwan Bangkok Thailand Tel Fax Doha QFC Branch Suite B, 30th floor Tornado Tower Al Funduq Street West Bay PO Box Doha State of Qatar Tel Fax Kyiv 75 Zhylyanska Street Kyiv Ukraine Tel Fax Munich Theresienstraße Munich Germany Tel Fax São Paulo Rua Funchal th Floor São Paulo SP Brazil Tel Fax Warsaw Norway House ul. Lwowska Warszawa Poland Tel Fax Barcelona Av. Diagonal Barcelona Spain Tel Fax Dubai Building 6, Level 2 The Gate Precinct Dubai International Financial Centre PO Box 9380 Dubai United Arab Emirates Tel Fax London 10 Upper Bank Street London, E14 5JJ United Kingdom Tel Fax New York 31 West 52nd Street New York, NY USA Tel Fax Seoul 21st Floor, Ferrum Tower 66 Sooha-dong Jung-gu, Seoul Korea Tel Fax Washington, D.C K Street NW Washington, DC USA Tel Fax Beijing 33/F, China World Office 1 No. 1 Jianguomenwai Dajie Chaoyang District Beijing China Tel Fax Düsseldorf Königsallee Düsseldorf Germany Tel Fax Luxembourg 2-4 place de Paris B.P L-1011 Luxembourg Grand-Duché de Luxembourg Tel Fax Paris 9 Place Vendôme CS Paris Cedex 01 France Tel Fax Shanghai 40th Floor Bund Centre 222 Yan An East Road Shanghai China Tel Fax Brussels Avenue Louise 65 Box Brussels Belgium Tel Fax Frankfurt Mainzer Landstraße Frankfurt am Main Germany Tel Fax Madrid Paseo de la Castellana Madrid Spain Tel Fax * s offices include a second office in London at 4 Coleman Street, London EC2R 5JJ. **The Firm also has a co-operation agreement with Al-Jadaan & s Law Firm in Riyadh. Perth Level 7, 190 St Georges Terrace Perth, WA 6000 Australia Tel Fax Singapore 12 Marina Boulevard 25th Floor Tower 3 Marina Bay Financial Centre Singapore Tel Fax Riyadh** (Co-operation agreement) Al-Jadaan & s Law Firm Building 15, The Business Gate King Khaled International Airport Road Cordoba District, Riyadh, KSA. PO Box 3515, Riyadh 11481, Kingdom of Saudi Arabia Tel Fax

6 , 10 Upper Bank Street, London, E14 5JJ 2013 LLP is a limited liability partnership registered in England and Wales under number OC Registered office: 10 Upper Bank Street, London, E14 5JJ We use the word 'partner' to refer to a member of LLP, or an employee or consultant with equivalent standing and qualifications

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