Recital 37

(37) An ad hoc suspension mechanism is necessary to ensure that the Commission is able to swiftly react to significant changes in market conditions that could have a material effect on the trading of derivatives and on counterparties involved in such trading. Where such changes in market conditions are present, and upon the request of the competent authority of a Member State, the Commission should be able to suspend the derivative trading obligation independently from any suspension of the clearing obligation. Such a suspension of the derivative trading obligation should be possible where the activities of an EEA investment firm with a non-EEA counterparty are unduly affected by the scope of the derivative trading obligation and where that investment firm acts as a market maker in the category of derivatives subject to the derivative trading obligation. The issue of overlapping derivative trading obligations is particularly acute in the case of trading with counterparties within the jurisdiction of a third country that applies its own derivative trading obligations. That suspension would also help EEA financial counterparties to remain competitive on global markets. When deciding whether to suspend the derivative trading obligation, the Commission should take into account the impact of such a suspension on the clearing obligation.

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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.