The European Commission is expected to extend its own December deadline for making the necessary decisions to recognise more than three dozen non-EU central counterparties (CCPs) and trade repositories (TRs), despite “significant pressure” from third-country regulators, say City lawyers.
A recent report by Clifford Chance lists the current status of currently-approved EU CCPs and TRs as well as a “non-exhaustive” list of non-EU CCPs awaiting approval.
ESMA has provided technical advice to the Commission on the equivalence of nine third countries but the Commission is expected to extend the length of the transitional period which currently expires on 15 December under Article 479 of the Capital Requirements Regulation. The Commission is now expected to give itself more time to make equivalence determinations under Article 25.
The equivalence assessments in respect of TRs under Article 75 are likely to follow a slower timetable.
Clifford Chance's briefing on EMIR CCPs and TRs can be downloaded by clicking here.