ESA Upholds Decision to Suspend Dubai Commodities Clearing Corporation

<p>The European Supervisory Authorities' (ESA) 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). </p><p>The withdrawal results 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.</p><p>Impact of the Decision</p><p>The decision to withdraw recognition affects DCCC's
status as a tier 1 third-country central counterparty (CCP). It followed an
appeal brought by DCCC against ESMA's withdrawal.</p><p>With the Joint Board of Appeal's unanimous dismissal
of DCCC's appeal, <a href="https://www.financemagnates.com/terms/e/esma/">ESMA</a>'s withdrawal decision has been implemented.
Despite DCCC's efforts, the suspension of <a href="https://www.financemagnates.com/tag/esma/" target="_blank" rel="follow">ESMA</a>'s decision, which was initiated
in October 2023, pending the outcome of an appeal, has expired.</p><p>The confirmation of withdrawal necessitates
strategic reassessment and potential adjustments to align with <a href="https://www.financemagnates.com/tag/european-union/" target="_blank" rel="follow">EU</a> regulatory
requirements by DCCC.</p><blockquote><p lang="en" dir="ltr">