ESA’s Joint Board of Appeal confirms ESMA’s decision to withdraw the recognition of Dubai Commodities Clearing Corporation

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Summary:

The Joint Board of Appeal has unanimously dismissed the appeal by Dubai Commodities Clearing Corporation (DCCC) against the European Securities and Markets Authority (ESMA) and has confirmed ESMA's decision to withdraw recognition of DCCC as a Tier 1 third-country central counterparty (CCP). The decision follows the European Commission's inclusion of the United Arab Emirates (UAE) on the list of high-risk third countries with strategic deficiencies in their anti-money laundering and counter-terrorism financing regime. The suspension of ESMA's original decision has expired, and the decision has become fully operational.

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