The European Supervisory Authorities’ (ESAs) Joint
Board of Appeal has confirmed the decision of the European Securities and
Markets Authority (ESMA) to withdraw the recognition of Dubai Commodities
Clearing Corporation (DCCC). The withdrawal stems from the European Commission’s
inclusion of the United Arab Emirates (UAE) on the list of high-risk third
countries with deficiencies in their anti-money laundering and
counter-financing of terrorism regulations.Impact of the DecisionThe decision to withdraw recognition affects DCCC’s
status as a Tier 1 third-country central counterparty (CCP…
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