Recital 5

(5)In order to address the possible risks to financial stability that could arise as a consequence of an abrupt disruption in the provision of clearing of derivatives by UK CCPs to Union clearing members and clients, the Commission adopted Implementing Decision (EU) 2020/1308 ⁴ on 21 September 2020. That Decision determines that the regulatory framework applicable to UK CCPs is considered to be equivalent to the requirements laid down in Regulation (EU) No 648/2012. That Decision applies only for a limited period and is to expire on 30 June 2022.