On December 10, an implementing regulation (Regulation) on the extension of transitional periods set out in the Capital Requirements Regulation (CRR) and the European Market Infrastructure Regulation (EMIR) was published in the Official Journal of the European Union. The CRR established a transitional period to ensure that institutions were not subject to higher own funds requirements during the period that existing central counterparties (CCPs) became authorized and recognized. The Regulation notes that while authorization processes for existing CCPs established in the European Union have been completed, there are still third-country CCPs awaiting recognition. In order to ensure that EU institutions (and/or their subsidiaries established outside the European Union) with exposures to those third-country CCPs (which provide the specific type of clearing services required) are not subject to higher own funds requirements, the Regulation extends the transitional period by an additional six months to June 15, 2017.