ESMA’s Dubai CCP decision suspended by ESA 27 October 2023Europe Reporter: Lucy Carter
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The Joint Board of Appeal of the European Supervisory Authorities (ESA) has suspended the European Securities and Market Authority’s (ESMA) decision to withdraw the recognition of Dubai Commodities Clearing Corporation (DCCC) as a Tier 1 third-country central counterparty.
ESMA made the decision based on the inclusion of the United Arab Emirates on the high-risk third countries list included in the Commission Delegated Regulation (EU) 2016/1675.
DCCC appealed the decision and requested that the ESA Joint Board of Appeal extend the adaptation window and suspend the verdict until the appeal was concluded.
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