Regulatory Alerts2020-12-21
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Commission Delegated Regulation (EU) 2021/237 amending regulatory technical standards on the clearing obligation date for certain OTC derivative contracts
The European Commission amends Delegated Regulations (EU) 2015/2205, (EU) 2016/592, and (EU) 2016/1178 to defer the clearing obligation for OTC derivative contracts where one counterparty is established in the United Kingdom and the other in the Union. The clearing obligation for such contracts novated solely to replace a UK counterparty with an EU counterparty takes effect from 18 February 2022, provided the obligation had not been triggered by 18 February 2021. For other contracts, the application date is set to 30 June 2022 if no equivalence decision has been adopted for the relevant third country. The regulation also deletes Article 4 from each amended regulation, removing requirements for minimum remaining maturities.
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