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In a much-awaited ruling on 4 March 2015 in Case T-496/11 the General Court of the EU annulled the Eurosystem's Oversight Policy framework (OPF) euro area location requirement for central counterparties (CCPs) clearing transactions over securities denominated in euro. In so doing, the Court held that the OPF was a legally challengeable act, thereby declaring admissible the action brought by the UK. The Court steered clear of the question of the OPF location requirement's compatibility with freedom of movement, as enshrined in the Treaty, limiting the scope of its review to the regulatory competence of the European Central Bank (ECB) over securities clearing systems. The ECB was found to have no regulatory power over CCPs but may continue providing recommendations to public authorities on CCP-related oversight standards and practices. This article offers an overview of the major points of the Court's ruling, and an assessment of its likely implications.
