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​Comment: ESMA’s imprecise clearinghouse guidance roils tensions with US, industry

By Neil Roland ( November 18, 2019, 17:23 GMT | Comment) -- European watchdogs’ post-Brexit guidance last week for clearinghouses outside the bloc embraces a broad oversight approach criticized by the US and industry for leaving too much discretion to EU authorities. The European Securities and Market Authority has said its 14 indicators for determining which non-EU clearinghouses pose systemic threats were relatively undefined to ensure that regulatory assessments weren’t constrained. But US Commodity Futures Trading Commission member Brian Quintenz has said this approach would give ESMA “considerable discretion and raise serious questions about the judgment and consistency of the indicators’ application.”European watchdogs’ post-Brexit guidance last week for clearinghouses outside the bloc embraces a broad oversight approach criticized by the US and industry for leaving too much discretion to EU authorities....

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