In Article 37 of Delegated Regulation (EU) 2016/2251, the following paragraphs 3 and 4 are added:
‘3. By way of derogation from paragraph 1, where the conditions of paragraph 4 of this Article are met, Articles 9(1), 10 and 12 shall apply as follows:
(a)
3 years after the date of entry into force of this Regulation where no equivalence decision has been adopted pursuant to Article 13(2) of Regulation (EU) No 648/2012 for the purposes of Article 11(3) of that Regulation in respect of the relevant third country;
(b)
the later of the following dates where an equivalence decision has been adopted pursuant to Article 13(2) of Regulation (EU) No 648/2012 for the purposes of Article 11(3) of that Regulation in respect of the relevant third country:
(i)
four months after the date of entry into force of the decision adopted pursuant to Article 13(2) of Regulation (EU) No 648/2012 for the purposes of Article 11(3) of that Regulation in respect of the relevant third country;
(ii)
the applicable date determined pursuant to paragraph 1.
4. The derogation referred to in paragraph 3 shall only apply where counterparties to a non-centrally cleared OTC derivative contract meet all of the following conditions:
(a)
one counterparty is established in a third country and the other counterparty is established in the Union;
(b)
the counterparty established in a third country is either a financial counterparty or a non-financial counterparty;
(c)
the counterparty established in the Union is one of the following:
(i)
a financial counterparty, a non-financial counterparty, a financial holding company, a financial institution or an ancillary services undertaking subject to appropriate prudential requirements and the third country counterparty referred to in point (a) is a financial counterparty;
(ii)
either a financial counterparty or a non-financial counterparty and the third country counterparty referred to in point (a) is a non-financial counterparty;
(d)
both counterparties are included in the same consolidation on a full basis in accordance to Article 3(3) of Regulation (EU) No 648/2012;
(e)
both counterparties are subject to appropriate centralised risk evaluation, measurement and control procedures;
(f)
the requirements of Chapter III are met.’.