On December 23, 2019, the European Commission’s (EC) Implementing Decision, which grants temporary equivalence to UK central counterparties (CCPs), was published in the Official Journal of the European Union (EU). This means that the Implementing Decision became law on December 24, 2019.

This is the latest Implementing Decision issued by the EC to ensure that UK CCPs can continue to provide CCP services to EU trading venues and EU clearing members following Brexit. The last Implementing Decision on this topic was published on April 4, 2019 (more information is available in the April 5, 2019 edition of Corporate & Financial Weekly Digest), and this recent Implementing Decision was issued to reflect the change of the date of the UK’s departure from the EU from October 31, 2019 to January 31, 2020.

The Implementing Decision is available here.