Commission Delegated Regulation (EU) 2021/237 of 21 December 2020 amending regulatory technical standards laid down in Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178 as regards the date at which the clearing obligation takes effect for certain types of contracts (Text with EEA relevance)
Amendments to Delegated Regulation (EU) 2015/2205
Delegated Regulation (EU) 2015/2205 is amended as follows:
(1)
Article 3 is amended as follows:
(a)
in paragraph 2, first subparagraph, point (a) is replaced by the following:
β(a)
30 June 2022 in case no equivalence decision has been adopted pursuant to Article 13(2) of Regulation (EU) No 648/2012 for the purposes of Article 4 of that Regulation covering the OTC derivative contracts set out in the Annex to this Regulation in respect of the relevant third country;β;
(b)
the following paragraph 3 is added:
β3.Β Β Β By way of derogation from paragraphs 1 and 2, in respect of contracts pertaining to a class of OTC derivatives set out in the Annex, the clearing obligation shall take effect from 18 February 2022 where the following conditions are fulfilled:
(a)
the clearing obligation has not been triggered by 18 February 2021;
(b)
the contracts are novated for the sole purpose of replacing the counterparty established in the United Kingdom with a counterparty established in a Member State.β;
(2)
Article 4 is deleted.
Amendments to Delegated Regulation (EU) 2016/592
Delegated Regulation (EU) 2016/592 is amended as follows:
(1)
Article 3 is amended as follows:
(a)
in paragraph 2, first subparagraph, point (a) is replaced by the following:
β(a)
30 June 2022 in case no equivalence decision has been adopted pursuant to Article 13(2) of Regulation (EU) No 648/2012 for the purposes of Article 4 of that Regulation covering the OTC derivative contracts set out in the Annex to this Regulation in respect of the relevant third country;β;
(b)
the following paragraph 3 is added:
β3.Β Β Β By way of derogation from paragraphs 1 and 2, in respect of contracts pertaining to a class of OTC derivatives set out in the Annex, the clearing obligation shall take effect from 18 February 2022 where the following conditions are fulfilled:
(a)
the clearing obligation has not been triggered by 18 February 2021;
(b)
the contracts are novated for the sole purpose of replacing the counterparty established in the United Kingdom with a counterparty established in a Member State.β;
(2)
Article 4 is deleted.
Amendments to Delegated Regulation (EU) 2016/1178
Delegated Regulation (EU) 2016/1178 is amended as follows:
(1)
Article 3 is amended as follows:
(a)
in paragraph 2, first subparagraph, point (a) is replaced by the following:
β(a)
30 June 2022 in case no equivalence decision has been adopted pursuant to Article 13(2) of Regulation (EU) No 648/2012 for the purposes of Article 4 of that Regulation covering the OTC derivative contracts set out in the Annex to this Regulation in respect of the relevant third country;β
(b)
the following paragraph 3 is added:
β3.Β Β Β By way of derogation from paragraphs 1 and 2, in respect of contracts pertaining to a class of OTC derivatives set out in the Annex, the clearing obligation shall take effect from 18 February 2022 where the following conditions are fulfilled:
(a)
the clearing obligation has not been triggered by 18 February 2021;
(b)
the contracts are novated for the sole purpose of replacing the counterparty established in the United Kingdom with a counterparty established in a Member State.β;
(2)
Article 4 is deleted.
Entry into force
This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union .
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Source: EUR-Lex (Publications Office of the EU), Β© European Union, reuse permitted under Commission Decision 2011/833/EU.
