ESA’s Joint Board of Appeal suspends the decision by the European Securities and Markets Authority to withdraw the recognition decision of Dubai Commodities Clearing Corporation as a Tier 1 third-country central counterparty

Summary:

The Joint Board of Appeal (JBOA) of the European Supervisory Authorities (ESAs) has accepted the application for suspension brought by Dubai Commodities Clearing Corporation (DCCC) against the European Securities and Markets Authority (ESMA). DCCC challenged ESMA's decision to withdraw the recognition of DCCC as a Tier 1 third-country central counterparty (CCP) due to the United Arab Emirates (UAE) being included in the list of high-risk third countries. The JBOA has suspended the ESMA decision and will hear the appeal.