Article 4 › 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; (ii) between a financial counterparty and a non-financial counterparty that meets the conditions referred to in Article 10(1)(b); (iii) between two non-financial counterparties that meet the conditions referred to in Article 10(1)(b); (iv) between a financial counterparty or a non-financial counterparty meeting the conditions referred to in Article 10(1)(b) and an entity established in a third country that would be subject to the clearing obligation if it were established in the Union; or (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 either: (i) on or after the date from which the clearing obligation takes effect; or (ii) on or after notification as referred to in Article 5(1) but before the date from which the clearing obligation takes effect if the contracts have a remaining maturity higher than the minimum remaining maturity determined by the Commission in accordance with Article 5(2)(c).

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Source: EUR-Lex CELLAR · retrieved 2026-09-04