UK:
Trade Associations Urge European Commission To Extend Temporary Equivalence Of UK CCPs
21 November 2019
Cadwalader, Wickersham & Taft LLP
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A group of fourteen trade associations urged the European Commission ("EC")
to grant an extension of the temporary equivalence for UK central
counterparties ("CCPs") until a new framework for
recognition of non-EU CCPs becomes applicable under "EMIR
2.2" and until the European Securities and Markets Authority
("ESMA") completes its review of existing recognition
decisions.
Mitigation of Market Disruption Risk to EU Counterparties
Post-Brexit
The trade associations urged the EC to take action to
"maintain[] financial stability" in the event of a
"No-Deal" Brexit, and to provide a bridging measure to
ensure that terms of EMIR 2.2 will be available even if UK CCPs are
not able to obtain recognition. The trade associations welcomed a
decision by the EC to grant temporary recognition for UK CCPs until
March 2020, but noted that the current expected date of the UK exit
from the European Union is only two months before. In particular,
the trade associations requested that the EC take extending action
"well in advance of" year end.
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