On 23 December 2019, there was published in the Official Journal of the EU Commission Implementing Decision (EU) 2019/2211 of 19 December 2019 amending Implementing Decision (EU) 2018/2031 determining, for a limited period of time, that the regulatory framework applicable to central counterparties (CCPs) in the UK is equivalent, in accordance with the European Markets Infrastructure Regulation.

Implementing Decision (EU) 2018/2031 determines that in the event of a no deal Brexit the regulatory framework applicable to CCPs in the UK is equivalent under EMIR. However, the equivalence determination is temporary in the sense that it expires on 30 March 2020.  Implementing Decision (EU) 2019/2211 extends the expiry date of the equivalence determination until 31 January 2021.

On the same date, the European Securities and Markets Authority announced its extension of the recognition decisions for the three UK CCPs to reflect the extension of the expiry date of Implementing Decision (EU) 2018/2031.