There has been published in the Official Journal of the EU a Commission Delegated Regulation supplementing EMIR with regards to regulatory technical standards on the clearing obligation.
The Delegated Regulation contains provisions relating to:
- classes of over-the-counter (OTC) derivatives subject to the clearing obligation (set out in the Annex to the Delegated Regulation);
- dates from which the clearing obligation takes effect; and
- minimum remaining maturity.
In respect of contracts pertaining to a class of OTC derivatives set out in the Annex to the Delegated Regulation, the clearing obligation shall take effect on:
- 21 June 2016 for counterparties in Category 1;
- 21 December 2016 for counterparties in Category 2;
- 21 June 2017 for counterparties in Category 3; and
- 21 December 2018 for counterparties in Category 4.
The Delegated Regulation will enter into force on 21 December 2015.
