Recital 36

(36) Article 6a of Regulation (EU) No 648/2012 provides for a mechanism to temporarily suspend the clearing obligation where the criteria on the basis of which specific classes of OTC derivative have been made subject to the clearing obligation are no longer met, or where such suspension is considered necessary to avoid a serious threat to financial stability in the Union. Such suspension might, however, prevent counterparties from being able to comply with their derivative trading obligation, because the clearing obligation is a pre-requisite to the derivative trading obligation. It is therefore necessary to lay down that, where the suspension of the clearing obligation would lead to a material change in the criteria for the derivative trading obligation, it should be possible to concurrently suspend the derivative trading obligation for the same classes of OTC derivative that are subject to the suspension of the clearing obligation. ESMA should also be able to request that the Commission suspend the derivative trading obligation, where such a suspension is necessary to avoid or address adverse effects on liquidity or a serious threat to financial stability and to ensure the orderly functioning of financial markets in the Union.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-13 · Text as adopted (Official Journal); later amendments are not incorporated in this text.