ESAs dismiss DCCC appeal 07 February 2024UAE Reporter: Lucy Carter
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The Joint Board of Appeal of the European Supervisory Authorities has unanimously decided to dismiss the Dubai Commodities Clearing Corporation’s (DCCC) appeal against the European Securities and Markets Authority (ESMA).
The appeal was made in October 2023 following ESMA’s decision to withdraw the recognition of DCCC as a Tier 1 third-country central counterparty.
The ESAs’ original decision was made following the European Commission’s 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.
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Image: Rastislav Sedlak SK/stock.adobe.com 