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The European Securities and Markets Authority (ESMA) announced today its decision to temporarily extend the application of the recognition decisions under Article 25 of the European Market Infrastructure Regulation (EMIR) for three central counterparties (CCPs) established in the United Kingdom (UK).
On 30 January 2025, the European Commission adopted a new equivalence decision in respect of the regulatory framework applicable to CCPs in the UK.
Subsequently, ESMA has prolonged the tiering determination decisions and recognition decisions for the three recognised UK CCPs - ICE Clear Europe Ltd, LCH Ltd (as Tier 2) and LME Clear Ltd (as Tier 1) – that were adopted by ESMA on 25 September 2020, to align with the expiry date of the new equivalence decision.
The application of the tiering determination decisions and recognition decisions is temporarily extended until 30 June 2028.
ESMA has also signed a revised Memorandum of Understanding (MoU) with the Bank of England as required by EMIR 3.
