EU Gives UK Clearinghouses Longer Brexit Buffer
Law360, London (November 15, 2019, 3:31 PM GMT) -- The European Commission said Friday it will give U.K.-based clearinghouses more time to seek to continue serving European Union markets if Britain leaves the bloc at the end of January.
Commission Vice President Valdis Dombrovskis said the body plans to extend the existing March deadline for clearing houses to gain recognition — or equivalence — as a so-called third country from EU lawmakers after Britain leaves the union.
The deadline gives clearinghouses, which absorb risk between buyers and sellers in the market in over-the-counter derivatives trading, two months after the Jan. 31 exit day to seek recognition.
But Dombrovskis said in...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!