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<p>The government welcomes the European Commission’s commitment to publish a legislative
proposal on a recovery and resolution framework for central counterparties (CCPs)
and will assess the proposals once published. Given the global nature of CCPs, the
recovery and resolution framework will need to take into account ongoing work by the
Financial Stability Board, the Committee on Payments and Market Infrastructures (CPMI)
and the International Organization of Securities Commissions (IOSCO).</p><p> </p>
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