Source: European Parliament
The Commission’s implementing decision under Article 25(6) EMIR extends for three further years the current equivalence decision regarding the UK (i.e. to consider the regulatory framework applicable to central counterparties in the UK equivalent to the one applicable in the Union). The currently applicable equivalence decision is due to expire on 30 June 2025. The extension could disincentivise efforts to reduce excessive exposures to clearing services of substantial systemic importance provided by CCPs outside the Union, delaying the effective implementation of the active account requirement.