Commission Delegated Regulation (EU) 2022/750 of 8 February 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2015/2205 as regards the transition to new benchmarks referenced in certain OTC derivative contracts (Text with EEA relevance)

Amendment to Delegated Regulation (EU) 2015/2205

Article 1

Delegated Regulation (EU) 2015/2205 is amended as follows: (1) Article 3 is amended as follows: (a) the following paragraphs 1a and 1b are inserted: ’1a.   By way of derogation from paragraph 1, in respect of contracts pertaining to a class of OTC derivatives set out in the Annex in rows D.4.1, D.4.2 of Table 4, the clearing obligation for such contracts shall take effect on 18 May 2022. 1b.   By way of derogation from paragraph 1, in respect of contracts pertaining to a class of OTC derivatives set out in the Annex in rows D.4.3 of Table 4, the clearing obligation for such contracts shall take effect on 18 August 2022.’; (b) in paragraph 2, the first subparagraph is replaced by the following: ’By way of derogation from paragraphs 1, 1a and 1b, in respect of contracts pertaining to a class of OTC derivatives set out in the Annex and concluded between counterparties which are part of the same group and where one counterparty is established in a third country and the other counterparty is established in the Union, the clearing obligation shall take effect on: (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; (b) the later of the following dates in case an 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 referred to in the Annex to this Regulation in respect of the relevant third country: (i) 60 days after the date of entry into force of the equivalence decision 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 referred to in the Annex to this Regulation in respect of the relevant third country; (ii) the date when the clearing obligation takes effect pursuant to paragraph 1.’; (c) paragraph 3 is replaced by the following: ‘3.   By way of derogation from paragraphs 1, 1a, 1b 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.’; (2) the Annex is replaced by the text in the Annex to this Regulation.

Entry into force

Article 2

This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union .

ANNEXSupplementary provisions

ANNEX ‘ANNEX Interest rate OTC derivatives classes subject to the clearing obligation Table 1 Basis swaps classes id Type Reference Index Settlement Currency Maturity Settlement Currency Type Optionality Notional Type A.1.1 Basis Euribor EUR 28D-50Y Single currency No Constant or variable Table 2 Fixed-to-float interest rate swaps classes id Type Reference Index Settlement Currency Maturity Settlement Currency Type Optionality Notional Type A.2.1 Fixed-to-float Euribor EUR 28D-50Y Single currency No Constant or variable Table 3 Forward rate agreement classes id Type Reference Index Settlement Currency Maturity Settlement Currency Type Optionality Notional Type A.3.1 FRA Euribor EUR 3D-3Y Single currency No Constant or variable Table 4 Overnight index swaps classes id Type Reference Index Settlement Currency Maturity Settlement Currency Type Optionality Notional Type A.4.2 OIS FedFunds USD 7D-3Y Single currency No Constant or variable D.4.1 OIS €STR EUR 7D-3Y Single currency No Constant or variable D.4.2 OIS SONIA GBP 7D-50Y Single currency No Constant or variable D.4.3 OIS SOFR USD 7D-3Y Single currency No Constant or variable ’