Recital 7

(7)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 on 21 September 2020 Implementing Decision (EU) 2020/1308 ² . That Decision determined 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 applied only for a limited period and expired on 30 June 2022.