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ESAs dismiss DCCC appeal


07 February 2024 UAE
Reporter: Lucy Carter

Generic business image for news article
Image: Stockbym/stock.adobe.com
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 Íø±¬³Ô¹Ï and Markets Authority (ESMA).

The appeal was made in 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.

ESMA’s decision is now fully operational.
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