Application of Articles 9(1), 10 and 12
Article 37
1. Articles 9(1), 10 and 12, shall apply as follows: (a) from 1 month after the date of its entry into force of this Regulation for counterparties both of which have, or belong to groups each of which has, an aggregate average notional amount of non-centrally cleared OTC derivatives above EUR 3 000 billion; (b) from the date that is the latest of 1 March 2017 or 1 month following the date of its entry into force of this Regulation for other counterparties. 2. By way of derogation from paragraph 1 in respect of contracts for foreign exchange forwards referred to in point (a) of Article 27, Articles 9(1), 10 and 12 shall apply on one of the following dates, whichever is earlier: (a) 31 December 2018, where the Regulation referred to in point (b) does not yet apply; (b) the date of entry into application of the Commission Delegated Regulation ( *2 ) specifying some technical elements related to the definition of financial instruments with regard to physically settled foreign exchange forwards or the date determined pursuant to paragraph 1, whichever is later.