FIA has jointly with ISDA, AFME, EBF and EFAMA written to Commissioner Mairead McGuinness requesting that the European Commission expedite the review of clearing arrangements in as many non-EU jurisdictions as possible.
If the Commission does not expect to be able to grant equivalence to many more jurisdictions by 28 June 2022, the associations request that the Commission takes urgent action to allow for an additional phase-in period once the current transitional treatment of non-EU CCPs as Qualifying CCPs under the Capital Requirements Regulation expires.
The associations ask the Commission to coordinate with the European Central Bank and national competent authorities for banking supervision to ensure appropriate management of any capital impacts. In addition, the associations ask the Commission to request the European Securities and Markets Authority to frontload their work on recognition so that these recognition decisions can be made as soon as equivalence is available.
Read the letter here.
- Regulatory Responses