To be recognised by ESMA, a third-country CCP must meet all cumulative conditions specified under Article 25(2) of the European Market Infrastructure Regulation (EMIR), including the requirement that it does not appear in the AML blacklist drawn up in accordance with the AML Directive.
The European Commission has highlighted “strategic deficiencies” in the UAE’s anti-money laundering and counter financing of terrorism (AML/CFT) regime and added the jurisdiction to its list of high-risk countries on 16 March 2023.
ESMA has given the three CCPs three months to adapt to its judgement, dictating that these clearing houses will no longer be authorised to provide clearing services to clearing members or trading venues established in the EU from 25 October.
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