EU Agrees To Stricter Rules For Foreign CCPs Ahead Of Brexit
Law360, London (March 14, 2019, 3:45 PM GMT) -- Clearinghouses based outside Europe that service transactions within the bloc will be subject to more robust rules, including measures that could force them to relocate to a member state, European lawmakers have agreed — days before Brexit means British central counterparties will fall out of the EU’s remit.
The European Parliament and the Council of the European Union agreed on Wednesday to rules drafted to help Europe’s regulators oversee clearinghouses, as Britain prepares to depart from the bloc on March 29. Three British central counterparties, or CCPs, will no longer be subject to EU rules after Brexit.
The reforms, aimed at strengthening...
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