The European Securities and Market Authority (ESMA) has published its advice to the European Commission on the equivalence of a number of regulatory regimes for OTC derivatives clearing, central counterparties (CCPs), and trade repositories for European Markets Infrastructure Regulation (EMIR). The 3 September, 2013 advice includes views on the Japanese regulatory regime.

ESMA states the Japanese regulatory framework is largely equivalent to requirements of EMIR but sets out some conditional equivalence propositions including a default fund and default waterfall requirements for CCPs. The European Commission  is expected to adopt this recommendation.  This would mean Japanese CCPs will be eligible for ESMA recognition if the various conditions are met. Japanese CCPS who want to continue to offer clearing services directly to EU clearing members will need to apply for ESMA recognition by 15 September 2013.

ESMA press release: 
http://www.esma.europa.eu/Press%20Release%20-%20ESMA%20advises%20Commission%20on%20equivalence%20of%20non-European%20derivatives%20rules?t=326&o=home

The technical equivalence advice for Japan:
http://www.esma.europa.eu/system/files/2013-1158_technical_advice_on_third_country_regulatory_equivalence_under_emir_japan.pdf