Version in force , Modified +1,207 −0§
Amended by Regulation (EU) 2022/2554 32022R2554 on EUR-Lex (external, EUR-Lex)
dates added to the text: 2025-12-25
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The after text adds a new paragraph 4 requiring ESMA, after consulting the ESRB and other relevant authorities, to develop draft regulatory technical standards specifying the value of clearing thresholds applicable to aggregate positions, to review that threshold when it reviews the thresholds under Article 10(4), and to submit those draft standards to the Commission by 25 December 2025, along with a delegation of power to the Commission to adopt them.
The after text also adds a new paragraph 5 defining an uncleared position, for the purposes of this Article and Article 10, as the aggregate month-end average position for the previous 12 months in OTC derivative contracts not cleared by a CCP authorised under Article 14 or recognised under Article 25.
Paragraphs 1 through 3 remain worded the same as in the earlier version.
Cited: Art. 4a, v2 (external, EUR-Lex) · Art. 4a, v1 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 24 December 2024 02012R0648-20241224 → this version, in force 17 January 2025 02012R0648-20250117
Article 4a Financial counterparties that are subject to the clearing obligation 1. Every 12 months, a financial counterparty taking positions in OTC derivative contracts may calculate its aggregate month-end average position for the previous 12 months in accordance with paragraph 3. Where a … 353 unchanged words … the manager; and (b) a circumvention of the clearing obligation. The relevant competent authorities of the financial counterparty and of the other entities within the group shall establish cooperation procedures to ensure the effective calculation of the positions at the group level.4. ESMA, after having consulted the ESRB and other relevant authorities, shall develop draft regulatory technical standards to specify the value of the clearing thresholds applicable to aggregate positions where necessary to ensure the prudent coverage of financial counterparties under the clearing obligation. Where ESMA, in accordance with Article 10(4a), reviews the clearing thresholds specified pursuant to Article 10(4), first subparagraph, point (b), ESMA shall also review the clearing threshold specified pursuant to the first subparagraph of this paragraph. ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 25 December 2025. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 5. For the purposes of this Article and Article 10, uncleared position means the aggregate month-end average position for the previous 12 months in OTC derivative contracts that are not cleared by a CCP authorised under Article 14 or recognised under Article 25.