The European Commission formally delayed the implementation of punitive capital requirements for European Union banking groups that had exposure to clearinghouses (CCPs) that were not determined to be so-called “qualifying CCPs” by the EC. Under European requirements, CCPs are considered qualifying if they are “authorized”—for those established in the EU—or “recognized”—for those established outside the EU. Only CCPs established in jurisdictions whose regulation of CCPs has been determined to be equivalent to that of the EC can be recognized by the EC; the oversight of clearinghouses by the Commodity Futures Trading Commission has not yet been determined to be equivalent by the EC. The transitional period before implementation of the new capital requirements had been scheduled to expire today (December 15); it will now expire on June 15, 2015.