{"release":{"id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","published":"2026-11-10T16:06:46Z","pinned":false},"limits":{"coverage":{"history":"full","held_since":"2012-07-27","gaps":[],"covered":["EMIR L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","release_published":"2026-11-10T16:06:46Z","checked_at":"2026-11-09","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/emir/articles/13a","url":"https://www.headlesslaw.com/emir/articles/13a","title":"Article 13a — Amendments to legacy contracts for the purpose of the implementation of benchmark reforms","family":"l1_generated","work_id":"emir","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-11","applies_from":null,"application":null,"version_label":"Consolidated version of 12 August 2022","check":{"against":"EUR-Lex","on":"2026-11-09"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02012R0648-20250117","valid_from":"2022-08-12","valid_until":null,"revision":1,"content_id":"6f11b796eb85e4c6","change_date":null,"nearest_versions":["2021-02-11","2021-02-13","2022-08-12"],"first_text_date":"2012-07-04","correction_applies":false,"versions":["2021-02-11","2021-02-13","2022-08-12"],"version_url":"https://www.headlesslaw.com/emir/articles/13a/versions/2022-08-12","revision_url":"https://www.headlesslaw.com/emir/articles/13a/versions/2022-08-12/rev/6f11b796eb85e4c6","versions_url":"https://www.headlesslaw.com/emir/articles/13a/versions","relations_url":"https://www.headlesslaw.com/emir/articles/13a/relations","source_line":null,"attribution":null},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02012R0648-20250117","check":{"result":"matched","checked_at":"2026-11-09","against":"EUR-Lex"},"repo_path":null,"body_sha256":"b0fb2034403a8ecdc0ece9ee26056845d33681e78d1ca685f7edd43ff4818939","markdown_sha256":"4fb997c5495569ae43dce30210492bfe6bf460e731dcc4a6fafb6bdec83f2f15"},"units":[{"locator":"emir/art/13a","kind":"article","status":"in_force","label":null,"heading":"Amendments to legacy contracts for the purpose of the implementation of benchmark reforms","text":"","marks":[],"revision":1,"text_hash":"e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855","reason":null},{"locator":"emir/art/13a/para/1","kind":"paragraph","status":"in_force","label":"1.","heading":null,"text":"Counterparties may continue to apply the risk-management procedures referred to in Article 11(3) that they have in place on 13 February 2021 in respect of OTC derivative contracts which are not cleared by a CCP and that are entered into or novated before the date on which the obligation to have risk-management procedures in place pursuant to Article 11(3) takes effect where, after 13 February 2021, those contracts are subsequently amended or novated for the sole purpose of replacing a reference benchmark or introducing a fallback provision in relation to any benchmark referenced in that contract.","marks":[],"revision":1,"text_hash":"443cac098762ad10092115e8ddce543192eb591d964f1b6a600716e47084d6f1","reason":null},{"locator":"emir/art/13a/para/2","kind":"paragraph","status":"in_force","label":"2.","heading":null,"text":"Contracts which are entered into or novated before the date on which the clearing obligation takes effect pursuant to Article 4 and which, after 13 February 2021, are subsequently amended or novated for the sole purpose of replacing a reference benchmark or introducing a fallback provision in relation to any benchmark referenced in that contract, shall not, for that reason, become subject to the clearing obligation referred to in Article 4.","marks":[],"revision":1,"text_hash":"bd0fa26b074d88150ef0bc271ead8a66cb1e5105c5f4644b1afe82921a4089eb","reason":null},{"locator":"emir/art/13a/para/3","kind":"paragraph","status":"in_force","label":"3.","heading":null,"text":"Paragraphs 1 and 2 shall apply only to OTC derivative contracts the amendment or novation of which:","marks":[],"revision":1,"text_hash":"0043fa70a9eb00cf525b567953eb29ca1efc67654739eccf24699ae3efe0816d","reason":null},{"locator":"emir/art/13a/para/3/pt/a","kind":"point","status":"in_force","label":"(a)","heading":null,"text":"is necessary for the purpose of replacing a benchmark in the context of benchmark reforms;","marks":[],"revision":1,"text_hash":"634f8c60f65c9cbf76bd6e798551183b4ba4c08eb680e809c55f4f040a323770","reason":null},{"locator":"emir/art/13a/para/3/pt/b","kind":"point","status":"in_force","label":"(b)","heading":null,"text":"does not change the economic substance or risk factor represented by the reference to a benchmark in such contract; and","marks":[],"revision":1,"text_hash":"5c40bf08fb661cbca5c19de1cd5593a32d6bd45a6644d864a9436b8cce223fde","reason":null},{"locator":"emir/art/13a/para/3/pt/c","kind":"point","status":"in_force","label":"(c)","heading":null,"text":"does not encompass other changes to any legal term of that contract that does not relate to the benchmark referenced and thus potentially amends the contract in a way that effectively requires it to be considered a new contract.","marks":[],"revision":1,"text_hash":"7ccfeebb23919ed963a430f05a38f617217d7bb8d1e660dc06b7b9b65d298fa2","reason":null}],"markdown":"*In force · Consolidated version of 17 January 2025 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02012R0648-20250117)*\n\n1. <a id=\"p-1\"></a>Counterparties may continue to apply the risk-management procedures referred to in Article 11(3) that they have in place on 13 February 2021 in respect of OTC derivative contracts which are not cleared by a CCP and that are entered into or novated before the date on which the obligation to have risk-management procedures in place pursuant to Article 11(3) takes effect where, after 13 February 2021, those contracts are subsequently amended or novated for the sole purpose of replacing a reference benchmark or introducing a fallback provision in relation to any benchmark referenced in that contract.\n2. <a id=\"p-2\"></a>Contracts which are entered into or novated before the date on which the clearing obligation takes effect pursuant to Article 4 and which, after 13 February 2021, are subsequently amended or novated for the sole purpose of replacing a reference benchmark or introducing a fallback provision in relation to any benchmark referenced in that contract, shall not, for that reason, become subject to the clearing obligation referred to in Article 4.\n3. <a id=\"p-3\"></a>Paragraphs 1 and 2 shall apply only to OTC derivative contracts the amendment or novation of which:\n\n    <a id=\"p-3-a\"></a>**(a)** is necessary for the purpose of replacing a benchmark in the context of benchmark reforms;\n\n    <a id=\"p-3-b\"></a>**(b)** does not change the economic substance or risk factor represented by the reference to a benchmark in such contract; and\n\n    <a id=\"p-3-c\"></a>**(c)** does not encompass other changes to any legal term of that contract that does not relate to the benchmark referenced and thus potentially amends the contract in a way that effectively requires it to be considered a new contract.\n\n***\n\n[Title II — Clearing, reporting and risk mitigation of OTC derivatives](../titles/ii.md) · [← Article 13](13.md) · [Article 14 →](14.md)\n"}