ESA’s Joint Board of Appeal confirms ESMA’s decision to withdraw the recognition of Dubai Commodities Clearing Corporation

ESA’s Joint Board of Appeal confirms ESMA’s decision to withdraw the recognition of Dubai Commodities Clearing Corporation

Metadata
Provider: 
EBAEBA
URL: 
https://www.eba.europa.eu/publications-and-media/press-releases/esas-joint-board-appeal-confirms-esmas-decision-withdrawhttps://www.eba.europa.eu/publications-and-media/press-releases/esas-joint-board-appeal-confirms-esmas-decision-withdraw
Retrieved on: 
Wednesday, February 7, 2024
Information
Tags: 
EBA, Civil service commission, EMIR, ESMA, DCCC, European Commission, Terrorism, CCP, EIOPA
Geotags: 
UNITED ARAB EMIRATES, UAE, EU
Summary
Key Points: 
  • ESA’s Joint Board of Appeal confirms ESMA’s decision to withdraw the recognition of Dubai Commodities Clearing Corporation
    The Joint Board of Appeal (“the Board”) of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) unanimously decided to dismiss the appeal brought by Dubai Commodities Clearing Corporation (“DCCC”) against the European Securities and Markets Authority (“ESMA”) and to therefore confirm the ESMA decision to withdraw its recognition.
  • The application was brought in relation to ESMA’s Decision, adopted under Article 25p of Regulation (EU) No 648/2012 (EMIR), to withdraw the recognition of DCCC as a Tier 1 third-country central counterparty (CCP).
  • The Board had decided to suspend the ESMA decision in October 2023 until the outcome of the appeal is concluded.
  • With today’s publication, the suspension has expired and the ESMA decision has become fully operational.
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