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    EC Amends Equivalence Decisions in Relation to UK CCPs and CSDs

    April 05, 2019

    EC published implementing decisions (EU) 2019/544 and (EU) 2019/545, which shall enter into force on the day following that of their publication in the Official Journal of the European Union. The Implementing decision (EU) 2019/545 amends Decision (EU) 2018/2030 determining, for a limited period of time, that the regulatory framework applicable to central securities depositories (CSDs) of UK is equivalent in accordance with Regulation (EU) No 909/2014. Implementing decision (EU) 2019/544 amends Decision (EU) 2018/2031 determining, for a limited period of time, that the regulatory framework applicable to central counterparties (CCPs) in UK is equivalent, in accordance with European Market Infrastructure Regulation or EMIR (Regulation (EU) No 648/2012). These amendments are a result of the extension in the date of the withdrawal of UK from EU.

    Additionally, ESMA announced that it has adopted new recognition decisions for three CCPs—–LCH Limited, ICE Clear Europe Limited, and LME Clear Limited—and one CSD—Euroclear UK and Ireland Limited—established in UK to reflect the extension to the Article 50 of the Treaty of the European Union period to April 12, 2019. Following the adoption of the amended equivalence decisions in relation to UK CCPs and the CSD by EC, ESMA has accordingly issued the new recognition decisions to make sure that UK CCPs and the CSD are recognized in the event of a no-deal Brexit. 

     

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    Effective Date: April 05, 2019 

    Keywords: Europe, EU, UK, Banking, Securities, CCPs, CSD, Equivalence Decisions, EMIR, Brexit, No-Deal Brexit, Decision 2019/2030, Decision 2018/2031, EC, ESMA

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