ESMA signs Memorandum of Understanding with the Indonesia Financial Services Authority and recognises PT Kliring Penjaminan Efek Indonesia as Tier 1 CCP

ESMA has published a MoU concluded between itself and the Indonesia Financial Services Authority as regards the supervision of CCPs established in Indonesia, that was signed by the parties on 30 September 2023. Therein, the regulators agree to closely cooperate on such supervision and exchange information – within legal limits – on counterparties that are applying or have already applied for third-country recognition in the EU or that have already been recognized as such. They also agree on a regular exchange of information pertaining to regulatory developments and supervisory efforts in the respective jurisdictions. The purpose of the MoU, so ESMA, is to facilitate an effective supervision of compliance with EU rules and regulations of CCPs established in Indonesia and also to ensure that the regulations of the Indonesia Financial Services Authority are and remain consistent with those in the EU as regards the supervision of CCPs. The agreement was published on 26 October 2023.