On 26 July 2023, the European Securities and Markets Authority (ESMA) announced that it has withdrawn, as required by the European Market Infrastructure Regulation (EMIR), the recognition decisions of the following three central counterparties (CCPs) established in the United Arab Emirates (including the Dubai International Financial Centre):
- Dubai Commodities Clearing Corporation.
- Dubai Clear LLC.
- Nasdaq Dubai Ltd.
The withdrawal follows the addition of the United Arab Emirates, by the European Commission, to the list of high-risk third countries presenting strategic deficiencies in their national anti-money laundering and counter financing of terrorism regime, on 16 March 2023.
In order to minimise potential market disruption, ESMA has provided for an adaptation period of three months. The withdrawal of recognition decisions will therefore enter into effect on 25 October 2023. From that date, the three CCPs concerned will no longer be permitted to provide clearing services to clearing members or trading venues established in the EU.