To the surprise of no-one, the EC has today confirmed that the QCCP deadline has been extended by six months to 15 June 2015. The extension has been effected by the adoption of an implementing regulation, the text of which remains to be finalised.
The press release notes that the extension applies both to EU CCPs and third countries CCPs seeking recognition in the EU. Acknowledging that equivalency decsions have been made in respect of Hong Kong, Singapore, Japan and Australia; it makes scant reference to the America-shaped elephant in the room, “However, other jurisdictions do not have equivalent status yet.” The communiqué repeatedly refers to the time-consuming nature of the equivalency assessment process. If the authorisation of the US fails to be completed within the extended limit, this explanation will not begin to serve as excuse. Whatever the flaws in its basic design, the clearing project is too consequential to be subject to political expediency and brinkmanship.Contact Us