In July this year, the European Securities and Markets Authority (ESMA) withdrew the Dubai Commodities Clearing Corporation (DCCC) from its list of recognised third-country central counterparties. Now, the withdrawal has been suspended by the European Supervisory Authorities (ESAs) while an appeal goes through.
ESMA’s decision to suspend the DCCC was prompted by the inclusion of UAE on the European Commission’s list of high-risk third countries that present strategic deficiencies in their national anti-money laundering (AML) and terrorism counter financing regime.
The DCCC has challenged ESMA’s decision through an appeal with the Joint Board of Appeal at ESA, asking for an extension of the adaptation period and a suspension of the withdrawal decision until the outcome of the appeal is concluded. ESA considers the appeal admissible and has suspended the withdrawal.