Oslo Clearing has applied to ESMA for recognition in accordance with EMIR
Oslo Clearing has submitted its application for recognition in accordance to EMIR. ESMA has confirmed that the application of Oslo Clearing was received on the 12 September 2013.
Norway as an EEA member state, shall adopt EU legal acts within the scope of the EEA Agreement. EU legal acts do not have direct effect on natural or legal persons in Norway. Accordingly, EU regulations and directives must be adopted by Norwegian legislators to have effect as Norwegian legislation. Norway has not as of yet adopted EMIR due to that its incorporation into Norwegian law presupposes the incorporation of the regulation establishing ESMA. The Norwegian authorities require that the role of ESMA is clarified in relation to the EEA Agreement, hence the incorporation EMIR, is pending on the necessary clarification.
As the common market for central clearing services between Norway and the EU is not currently governed by the EEA Agreement or by other multilateral treaties, the Ministry of Finance of Norway deems that relations shall be governed by third country principles in the mutual relations between Norway and the EU, in the interim period before EMIR is incorporated into the EEA Agreement. Thus CCPs established in Norway are under the obligation of applying for recognition in accordance with EMIR art. 25.