ESMA Withdraws EU Recognition of DCCC
The decision by ESMA to withdraw the EU's recognition of the Dubai Commodities Clearing Corporation (DCCC) comes as the UAE is placed on the EU's list of high-risk countries for anti-money laundering and combating the financing of terrorism.。
The European Securities and Markets Authority (ESMA), the pan-European financial regulator, has announced that the Joint Appeals Boards of European Regulators (EBA, EIOPA and ESMA-the ESAs) have unanimously decided to dismiss the appeal filed by Dubai Commodity Clearing Corporation (DCCC) against ESMA, and therefore confirm ESMA's decision to withdraw its endorsement.。
It is understood that the Dubai Commodity Clearing Company is a subordinate unit of the Dubai Gold and Commodity Exchange (DGCX).。
The application relates to the decision adopted by ESMA under Article 25p of Regulation (EU) (EMIR) No 648 / 2012 to withdraw the recognition of the Dubai Gold and Commodities Exchange (DCCC) as a third country level central counterparty (CCP).。
The decision follows the inclusion of the United Arab Emirates (UAE) by the European Commission in the list of high-risk third countries with strategic deficiencies in its national anti-money-laundering and combating the financing of terrorism (AML / CFT) regime (Commission Authorisation Regulation (EU) 2016 / 1675).。
The Board has decided to suspend the implementation of the decision made by ESMA in October 2023 until the outcome of the appeal.。With today's announcement, the suspension period has expired and ESMA's decision has come into full effect.。
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