(a)

they have been concluded in one of the following ways: between two financial counterparties; between a financial counterparty and a non-financial counterparty that meets the conditions referred to in Article 10(1)(b); between two non-financial counterparties that meet the conditions referred to in Article 10(1)(b); 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 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

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Source: EUR-Lex (Cellar) · retrieved 2026-09-25 · Text as adopted (Official Journal); later amendments are not incorporated in this text.