Recital 8

(8)Over the course of 2021, the Commission established a Working Group (together with the European Central Bank, the European Supervisory Authorities and the European Systemic Risk Board) to explore the opportunities and challenges involved in transferring derivatives from the United Kingdom to the Union. The discussions at the Working Group showed that a combination of different measures to improve the attractiveness of clearing, to encourage infrastructure development, and to reform supervisory arrangements were needed to build strong and attractive central clearing capacity in the Union in the years to come. The timeframe of June 2022 was too short to achieve that aim. Therefore, on 8 February 2022, the Commission adopted Implementing Decision (EU) 2022/174 ³ . That Decision will expire on 30 June 2025.