Version in force , Modified +738 −0§
Amended by Regulation (EU) 2024/2987 32024R2987 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2022/1671 32022R1671 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
Paragraph 1 now adds a new subparagraph stating that the clearing obligation described in point (a)(iv) does not apply to contracts between a financial or non-financial counterparty meeting the relevant thresholds and a pension scheme arrangement established in a third country that operates nationally, is authorised, supervised and recognised under national law, has retirement-benefit provision as its primary purpose, and is exempted from the clearing obligation under that national law.
This exclusion for third-country pension scheme arrangements was not present in the earlier version of Article 4, which contained no such carve-out language.
All other paragraphs of Article 4, including the intragroup exemption and clearing-service provisions, remain textually identical between the two versions.
Cited: Art. 4, v2 (external, EUR-Lex) · Art. 4, v1 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 12 August 2022 02012R0648-20220812 → this version, in force 24 December 2024 02012R0648-20241224
Article 4 Clearing obligation 1. Counterparties shall clear all OTC derivative contracts pertaining to a class of OTC derivatives that has been declared subject to the clearing obligation in accordance with Article 5(2), if those contracts fulfil both of the following conditions: (a) they have been concluded in one of the following ways: (i) between two financial counterparties that meet the conditions set out in the second subparagraph of Article 4a(1); (ii) between a financial counterparty that meets the conditions set out in the second subparagraph of Article 4a(1) and a non-financial counterparty that meets the conditions set out in the second subparagraph of Article 10(1); (iii) between two non-financial counterparties that meet the conditions set out in the second subparagraph of Article 10(1); (iv) between, on the one side, a financial counterparty that meets the conditions set out in the second subparagraph of Article 4a(1) or a non-financial counterparty that meets the conditions set out in the second subparagraph of Article 10(1), and, on the other side, an entity established in a third country that would be subject to the clearing obligation if it were established in the Union; (v) between two entities established in one or more third countries that would be subject to the clearing obligation if they were established in the Union, provided that the contract has a direct, substantial and foreseeable effect within the Union or where such an obligation is necessary or appropriate to prevent the evasion of any provisions of this Regulation; and (b) they are entered into or novated on or after the date on which the clearing obligation takes effect, provided that, on the date they are entered into or novated, both counterparties meet the conditions set out in point (a). The obligation to clear all OTC derivative contracts shall not apply to contracts concluded in the situations referred to in the first subparagraph, point (a)(iv), between, on the one side, a financial counterparty that meets the conditions set out in Article 4a(1), second subparagraph, or a non-financial counterparty that meets the conditions set out in Article 10(1), second subparagraph, and, on the other side, a pension scheme arrangement that is established in a third country and that operates on a national basis, provided that it is authorised, supervised and recognised under national law, and where its primary purpose is to provide retirement benefits and it is exempted from the clearing obligation under that national law. 2. Without prejudice to risk-mitigation techniques under Article 11, OTC derivative contracts that are intragroup transactions as described in Article 3 shall not be subject to the clearing obligation. The exemption set out in the first subparagraph shall apply only: (a) where … 976 unchanged words … 2018. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in this paragraph in accordance with Articles 10 to 14 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 or (EU) No 1095/2010.