EMIR Newsflash: Three UK CCPs to be formally recognised under EMIR
LCH Ltd, ICE Clear Ltd and LME Clear Ltd will be recognised as third-country CCPs after the end of the transition period.
Following on from last week’s equivalence decision from the European Commission, ESMA has announced that it will formally recognise three UK CCPs as third-country CCPs under Article 25 of EMIR. This announcement was expected but is very welcome as such formal recognition from ESMA is necessary in order to permit the named UK CCPs to continue to provide clearing services in the EU after the end of the Brexit transition period.
This formal recognition will take effect from 1 January 2021 and will, like the European Commission’s equivalence decision, be on a time-limited basis and so expire after 18 months (after 30 June 2022).
The three UK CCPs to be granted this temporary recognition are LCH Limited, ICE Clear Limited and LME Clear Limited.
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