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FIA joins AFME, ISDA and ICMA to Seek Greater Clarity on Temporary Equivalence and Recognition of UK CCPs

FIA joins AFME, ISDA and ICMA to Seek Greater Clarity on Temporary Equivalence and Recognition of UK CCPs

7 December 2018 2:15pm EST

FIA joined three other financial trade associations in writing to European Union Vice President Valdis Dombrovkis seeking greater clarity regarding recent statements about temporary equivalence and recognition of UK CCPs post-Brexit. In part, the letter states:

"In the absence of the further comfort, clarity and legal certainty that is sought in this letter, we remain concerned that UK CCPs may deem it necessary to issue termination notices to their EEA members later this month, to ensure that those UK CCPs will not be in breach of EMIR Article 25 (which prohibits CCPs that are neither authorised nor recognised from having EEA clearing members) on 30 March 2019 in the event of the UK leaving the EU without agreement on a transition period.”

The other three groups that joined FIA in the letter are the International Swaps and Derivatives Association, Association for Financial Markets in Europe, and International Capital Markets Association.

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Letter to Dombrovskis on CCP contingency planning_12-7-18.pdf (416.94 KB)

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