The pan-European financial supervisory body European Securities and Markets Authority (ESMA) has announced that the Joint Board of Appeal of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESA) has unanimously decided to reject the appeal brought by the Dubai Commodities Clearing Corporation (DCCC). against ESMA, and therefore confirm ESMA’s decision to withdraw its recognition.
DCCC is a unit of Dubai Gold & Commodities (DGCX).
The application was submitted in relation to ESMA’s decision, issued under Article 25p of Regulation (EU) no.
The decision is a consequence of it The United Arab Emirates (UAE) is included by the European Commission in the list of high-risk third countries have strategic deficiencies in their national anti-money laundering and countering the financing of terrorism (AML/CFT) regime as set out in Commission Delegated Regulation (EU) 2016/1675.
The Council had decided to suspend ESMA’s decision in October 2023 pending the outcome of the appeal. With today’s publication, the suspension has ended and ESMA’s decision is fully operational.