On 15 November 2019, the European Commission (Commission) published a keynote speech given by its Vice-President and European Commissioner for Financial Stability, Financial Services and Capital Markets Union, Valdis Dombrovskis, on the priorities of the new Commission for sustainability and green finance.
In his speech, Mr Dombrovskis stated:
“As you know, central clearing has been identified as a clear systemic risk in case of a no-deal Brexit. The Commission addressed it last year via a temporary equivalence decision. This will expire on 30 March 2020.
Regrettably, the risk to financial stability has not yet been fully removed, because industry has not so far fully prepared.
Therefore, I intend to propose to renew this time-limited equivalence decision beyond that date, to prepare for any eventuality.”