The European Commission has agreed to postpone the date when European banks must take onerous capital hits for transacting futures or swaps business through non-EU clearinghouses that have not been recognized as subject to equivalent oversight by the EC. The new effective date is December 15, 2015 (as opposed to June 15). Under the European Capital Requirements Regulation, a European bank must take a capital charge if it or its subsidiaries transact business through a non-qualifying clearinghouse. A clearinghouse is qualified if it is an EU-based clearinghouse and has been expressly authorized by the European Securities and Markets Authority, or is a non-EU-based clearinghouse and has been recognized as subject to equivalent regulation. Currently, the EC does not recognize the United States as having equivalent regulation over US-based clearinghouses. However, it has deemed clearinghouses in Hong Kong, Japan, Singapore and Australia as subject to equivalent oversight.