Recital 2

(2)As announced in the Commission Communication of 13 November 2018‘Preparing for the withdrawal of the United Kingdom from the European Union on 30 March 2019: a Contingency Action Plan’ ² (‘the Contingency Action Plan’), a withdrawal without an agreement may pose risks to the financial stability of the Union and its Member States. To prevent such risks, it is justified and in the interests of the Union and its Member States to ensure, for a limited period of time, that central counterparties (‘CCPs’) that have already been authorised in the United Kingdom (‘UK CCPs’) may continue to provide clearing services in the Union after 29 March 2019.