The European Commission has recognized the regulatory regimes of four jurisdictions as equivalent to the EC’s regulatory regime in connection with their oversight of clearing houses (often referred to as central counterparties or CCPs): Australia, Hong Kong, Japan and Singapore. As a result, clearing houses in these jurisdictions may provide clearing services to European Union-based clearing members, may be used by EU counterparties to satisfy mandatory clearing obligations, and will be able to obtain qualifying CCP status. This status permits European banks utilizing such clearinghouses to avoid certain penalty capital charges beginning December 15. The EC has not yet officially recognized as equivalent oversight of clearing houses by the Commodity Futures Trading Commission or the Securities and Exchange Commission. However, previously, CFTC Chairman Timothy Massad announced that European regulators have agreed to postpone the imposition of higher capital charges on European banks for dealing with US clearinghouses that otherwise was scheduled to occur on December 15.