Repositories
Central Clearing Requirements
Central Clearing Requirements Information Repository
Notes (European Union-European Securities and Markets Authority)
(Last Updated: 19 November 2020)
Authority: | European Union-European Securities and Markets Authority |
Jurisdiction: | European Union |
Note 1 | 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.) |
Authority: | European Union-European Securities and Markets Authority |
Jurisdiction: | European Union |
Note 2 | 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.) |