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 counterparties 

The Joint Board of Appeal (“the Board”) of the European Supervisory Authorities (“ESAs”) decided that the application for suspension brought by Dubai Commodities Clearing Corporation (“DCCC”) against the European Securities and Markets Authority (“ESMA”) is admissible and suspends the ESMA Decision.

 The application was brought in relation to ESMA’s Decision, adopted under Article 25p Regulation (EU) No 648/2012 (EMIR), to withdraw the recognition of DCCC as a Tier 1 third-country central counterparties (CCP) as a consequence of the United Arab Emirates (UAE) being included in the list of high-risk third countries provided for in the Commission Delegated Regulation (EU) 2016/1675.

DCCC challenged ESMA’s Decision, asking the Board to extend the adaptation period and to suspend the withdrawal Decision until the outcome of the appeal is concluded.  The Board finds that the appeal case is admissible and suspends the ESMA Decision.