EU clearinghouse law draws 'grave concerns' from US lawmakers of both parties

1 August 2019 11:08am
US House Agriculture Committee members conveyed “grave concerns” about the EU’s new derivative clearinghouse law to Europe’s securities regulator.

Democratic Representative David Scott, head of the agriculture subcommittee on commodity exchanges, and his Republican counterpart, Austin Scott, attached the transcript of a June 26 subcommittee hearing to their letter to the European Securities and Markets Authority.

“It is clear from the hearing that members of this committee view the potential for European encroachment on US clearinghouse oversight with deep skepticism,” the letter (see here) published today said. “We do not believe that such a path forward would be prudent without the strong support and cooperation of the CFTC.”