(5)The authorisation process for existing CCPs established in the Union is ongoing but will not be completed by 15 June 2015. With regard to existing CCPs established in third countries that have already applied for recognition, no recognition has been granted yet to such CCPs. The need to avoid disruption to the international financial markets that led previously to the extension of the transitional period laid down in Article 497(2) of Regulation (EU) No 575/2013 regarding CCPs established in third countries would therefore remain after the expiry of the extension of the transitional period set out in Implementing Regulation (EU) No 1317/2014. A further extension of the transitional period should enable institutions established in the Union (or their subsidiaries established outside the Union) to avoid significant increase in the own funds requirements due to the lack of recognised CCPs established in each relevant third country which provide, in a viable and accessible way, the specific type of clearing services that Union institutions require. While such an increase may only be temporary, it could potentially lead to the withdrawal of those institutions as direct participants in those CCPs and hence cause disruption in the markets in which those CCPs operate. An additional 6-month extension of the transitional periods is therefore appropriate.