Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Basis swap
|
Currency: |
EUR
|
Index: |
EURIBOR
|
Product Tenor: |
28 days to 50 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
BME Clearing, Chicago Mercantile Exchange Inc, Eurex Clearing, KDPW_CCP, Japan Securities Clearing Corporation, LCH Ltd, OTC Clear Hong Kong
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
21 June 2016 for Category 1 counterparties.
21 December 2016 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
21 December 2018 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2015/2205)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Basis swap
|
Currency: |
GBP
|
Index: |
LIBOR
|
Product Tenor: |
28 days to 50 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange Inc, Eurex Clearing, LCH Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
21 June 2016 for Category 1 counterparties.
21 December 2016 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
21 December 2018 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2015/2205)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Basis swap
|
Currency: |
JPY
|
Index: |
LIBOR
|
Product Tenor: |
28 days to 30 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange Inc, Eurex Clearing, Japan Securities Clearing Corporation, LCH Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
21 June 2016 for Category 1 counterparties.
21 December 2016 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
21 December 2018 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2015/2205)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Basis swap
|
Currency: |
USD
|
Index: |
LIBOR
|
Product Tenor: |
28 days to 50 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange Inc, Eurex Clearing, Japan Securities Clearing Corporation, LCH Ltd, OTC Clear Hong Kong
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
21 June 2016 for Category 1 counterparties.
21 December 2016 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
21 December 2018 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2015/2205)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Fixed-to-floating swap
|
Currency: |
EUR
|
Index: |
EURIBOR
|
Product Tenor: |
28 days to 50 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
BME Clearing, Chicago Mercantile Exchange Inc, Eurex Clearing, Japan Securities Clearing Corporation, KDPW_CCP, LCH Ltd, Nasdaq OMX Clearing, OTC Clear Hong Kong
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
21 June 2016 for Category 1 counterparties.
21 December 2016 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
21 December 2018 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2015/2205)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Fixed-to-floating swap
|
Currency: |
GBP
|
Index: |
LIBOR
|
Product Tenor: |
28 days to 50 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange Inc, Eurex Clearing, LCH Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
21 June 2016 for Category 1 counterparties.
21 December 2016 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
21 December 2018 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2015/2205)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Fixed-to-floating swap
|
Currency: |
JPY
|
Index: |
LIBOR
|
Product Tenor: |
28 days to 30 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange Inc, Eurex Clearing, Japan Securities Clearing Corporation, LCH Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
21 June 2016 for Category 1 counterparties.
21 December 2016 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
21 December 2018 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2015/2205)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Fixed-to-floating swap
|
Currency: |
USD
|
Index: |
LIBOR
|
Product Tenor: |
28 days to 50 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange Inc, Eurex Clearing, Japan Securities Clearing Corporation, LCH Ltd, OTC Clear Hong Kong
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
21 June 2016 for Category 1 counterparties.
21 December 2016 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
21 December 2018 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2015/2205)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Forward rate agreement
|
Currency: |
EUR
|
Index: |
EURIBOR
|
Product Tenor: |
3 days to 3 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
BME Clearing, Chicago Mercantile Exchange Inc, Eurex Clearing, KDPW_CCP, LCH Ltd, Nasdaq OMX Clearing
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
21 June 2016 for Category 1 counterparties.
21 December 2016 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
21 December 2018 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2015/2205)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Forward rate agreement
|
Currency: |
GBP
|
Index: |
LIBOR
|
Product Tenor: |
3 days to 3 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange Inc, Eurex Clearing, LCH Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
21 June 2016 for Category 1 counterparties.
21 December 2016 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
21 December 2018 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2015/2205)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Forward rate agreement
|
Currency: |
USD
|
Index: |
LIBOR
|
Product Tenor: |
3 days to 3 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange Inc, Eurex Clearing, LCH Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
21 June 2016 for Category 1 counterparties.
21 December 2016 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
21 December 2018 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2015/2205)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Overnight index swap
|
Currency: |
EUR
|
Index: |
EONIA
|
Product Tenor: |
7 days to 3 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
BME Clearing, Chicago Mercantile Exchange Inc, Eurex Clearing, KDPW_CCP, LCH Ltd, Nasdaq OMX Clearing
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
21 June 2016 for Category 1 counterparties.
21 December 2016 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
21 December 2018 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2015/2205)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Overnight index swap
|
Currency: |
GBP
|
Index: |
SONIA
|
Product Tenor: |
7 days to 3 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange Inc, Eurex Clearing, LCH Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
21 June 2016 for Category 1 counterparties.
21 December 2016 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
21 December 2018 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2015/2205)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Overnight index swap
|
Currency: |
USD
|
Index: |
FedFunds
|
Product Tenor: |
7 days to 3 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange Inc, Eurex Clearing, LCH Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
21 June 2016 for Category 1 counterparties.
21 December 2016 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
21 December 2018 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2015/2205)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Fixed-to-floating swap
|
Currency: |
NOK
|
Index: |
NIBOR
|
Product Tenor: |
28 days 10 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange Inc, LCH Ltd, Nasdaq OMX Clearing
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
9 February 2017 for Category 1 counterparties.
9 August 2017 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
9 August 2019 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, https://www.esma.europa.eu/sites/default/files/library/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2016/1178)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Fixed-to-floating swap
|
Currency: |
PLN
|
Index: |
WIBOR
|
Product Tenor: |
28 days 10 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange Inc, KDPW_CCP, LCH Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
9 February 2017 for Category 1 counterparties.
9 August 2017 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
9 August 2019 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2016/1178)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Fixed-to-floating swap
|
Currency: |
SEK
|
Index: |
STIBOR
|
Product Tenor: |
28 days to 15 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange Inc, LCH Ltd, Nasdaq OMX Clearing
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
9 February 2017 for Category 1 counterparties.
9 August 2017 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
9 August 2019 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2016/1178)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Forward rate agreement
|
Currency: |
NOK
|
Index: |
NIBOR
|
Product Tenor: |
3 days to 2 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
LCH Ltd, Nasdaq OMX Clearing
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
9 February 2017 for Category 1 counterparties.
9 August 2017 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
9 August 2019 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2016/1178)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Forward rate agreement
|
Currency: |
PLN
|
Index: |
WIBOR
|
Product Tenor: |
3 days to 2 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
KDPW_CCP, LCH Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
9 February 2017 for Category 1 counterparties.
9 August 2017 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
9 August 2019 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2016/1178)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|
Authority: |
European Union-European Securities and Markets Authority
|
Jurisdiction: |
European Union
|
Product features |
Product type: |
Forward rate agreement
|
Currency: |
SEK
|
Index: |
STIBOR
|
Product Tenor: |
3 days to 3 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
No
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
LCH Ltd, Nasdaq OMX Clearing
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Affiliated entities / group entities exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Pre-existing transactions exemption: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
Other exemptions, if any: |
Yes
View Note
EU
Exemptions to the clearing obligation
Exemptions to the clearing obligation include:
- OTC derivative contracts entered into by non-financial counterparties below the clearing thresholds (see Article 10 of Regulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834 and Article 11 of Commission Delegated Regulation (EU) No 149/2013);
- OTC derivative contracts entered into by financial counterparties below the clearing thresholds (see Article 4a of Reggulation (EU) No 648/2012 as amended by Regulation (EU) 2019/834);
- OTC derivative contracts that are objectively measurable as reducing investment risks relating to the financial insolvency of pension scheme arrangements (see Article 89 of Regulation (EU) No 648/2012), temporary exemption;
- OTC derivative contracts concluded with covered bond issuers or with cover pools for covered bonds, provided that certain conditions are met (see Article 1(2) of Commission Delegated Regulation (EU) 2015/2205;
- OTC derivative contracts that are intragroup transactions, provided that certain conditions are met (see Article 4(2) of Regulation (EU) No 648/2012 and Article 3(2) of Commission Delegated Regulation (EU) 2015/2205);
- Pre-existing trades: OTC derivative contracts entered into before 21 February 2016 for counterparties in Category 1 and before 21 May 2016 for counterparties in Category 2. All pre-existing trades are exempted for non-financial counterparties and for counterparties in Category 3 and 4.
Sources:
- Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1.) as ameded by Regulation (EU) 2019/834. Regulation know as EMIR.
- Commission Delegated Regulation (EU) No 149/2013 (OJ L52, 23.2.2013, p. 11.)
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Effective Date: |
9 February 2017 for Category 1 counterparties.
9 August 2017 for Category 2 counterparties.
21 June 2019 for Category 3 counterparties.
9 August 2019 for Category 4 counterparties.
View Note
EU
Definition of the 4 Categories of counterparties
Under Article 2 of Commission Delegated Regulation (EU) 2015/2205, for the purpose of establishing a phased schedule with the dates on which the clearing obligation takes effect, counterparties subject to the clearing obligation have been divided in four categories:
- Category 1 counterparties are clearing members in the classes subject to the clearing obligation;
- Category 2 counterparties are financial counterparties above the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and above the EUR 8bn threshold;
- Category 3 counterparties are financial counterparties below the EUR 8bn threshold, and alternative investment funds that are non-financial counterparties and below the EUR 8bn threshold;
- Category 4 counterparties are non-financial counterparties not included in categories 1, 2 or 3.
When a contract is concluded between counterparties included in different categories, in order to determine if that contract would need to be cleared, the requirements applicable will be those corresponding to the counterparty with the longest phase-in.
Sources:
- ESMA, Public Register for the Clearing Obligation under Regulation (EU) No 648/2012 , updated on 23 August 2016 (http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf);
Legal entities authorized to operate as such, pursuant to the Securities Market Law.
- Commission Delegated Regulation (EU) 2015/2205 (OJ L 314, 1.12.2015, p. 13.)
- Commission Delegated Regulation (EU) 2016/592 (OJ L 103, 19.4.2016, p. 5.)
- Commission Delegated Regulation (EU) 2016/1178 (OJ L 195, 20.7.2016, p. 3. and corrigendum OJ L 196, 21.7.2016, p. 56.)
|
|
Reference: |
ESMA, Public Register, http://www.esma.europa.eu/system/files/public_register_for_the_clearing_obligation_under_emir.pdf
Delegated Regulation on the clearing obligation of some OTC interest rate derivative classes (Commission Delegated Regulation (EU) 2016/1178)
Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178.
|
|
Last Update of the Regime: |
01 July 2017
|