ESAs dismiss DCCC appeal
07 February 2024 UAE
Image: Stockbym/stock.adobe.com
The Joint Board of Appeal of the European Supervisory Authorities has unanimously decided to dismiss the Dubai Commodities Clearing Corporation鈥檚 (DCCC) appeal against the European 歐美性愛 and Markets Authority (ESMA).
The appeal was made in following ESMA鈥檚 decision to withdraw the recognition of DCCC as a Tier 1 third-country central counterparty.
The ESAs鈥� original decision was made following the European Commission鈥檚 December 2022 inclusion of the United Arab Emirates on its list of high-risk third countries under the Commission Delegated Regulation (EU) 2016/1675.
The jurisdiction was found to be presenting strategic deficiencies in their national anti-money laundering and counter financing of terrorism regimes.
ESMA鈥檚 decision is now fully operational.
The appeal was made in following ESMA鈥檚 decision to withdraw the recognition of DCCC as a Tier 1 third-country central counterparty.
The ESAs鈥� original decision was made following the European Commission鈥檚 December 2022 inclusion of the United Arab Emirates on its list of high-risk third countries under the Commission Delegated Regulation (EU) 2016/1675.
The jurisdiction was found to be presenting strategic deficiencies in their national anti-money laundering and counter financing of terrorism regimes.
ESMA鈥檚 decision is now fully operational.
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