Article 4 — Clearing obligation — compare

Showing 7 of 7Release 10 Nov 2026Details

Coverage: Not covered: national guidance, court decisions.
Freshness: Release 2d86bd12 published 10 Nov 2026, 17:06 CET. Verified against EUR-Lex on 9 Nov 2026.
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From: 12 August 2022 · Consolidated version of 12 August 2022 · Verified 9 Nov 2026 · Official source
To: 11 November 2026 · Consolidated version of 24 December 2024 · Verified 9 Nov 2026 · Official source

(i)between two financial counterparties that meet the conditions set out in the second subparagraph of Article 4a(1);

4(1)(a)(ii)

(ii)between a financial counterparty that meets the conditions set out in the second subparagraph of Article 4a(1) and a non-financial counterparty that meets the conditions set out in the second subparagraph of Article 10(1);

4(1)(a)(iii)

(iii)between two non-financial counterparties that meet the conditions set out in the second subparagraph of Article 10(1);

4(1)(a)(iv)

(iv)between, on the one side, a financial counterparty that meets the conditions set out in the second subparagraph of Article 4a(1) or a non-financial counterparty that meets the conditions set out in the second subparagraph of Article 10(1), and, on the other side, an entity established in a third country that would be subject to the clearing obligation if it were established in the Union;

The obligation to clear all OTC derivative contracts shall not apply to contracts concluded in the situations referred to in the first subparagraph, point (a)(iv), between, on the one side, a financial counterparty that meets the conditions set out in Article 4a(1), second subparagraph, or a non-financial counterparty that meets the conditions set out in Article 10(1), second subparagraph, and, on the other side, a pension scheme arrangement that is established in a third country and that operates on a national basis, provided that it is authorised, supervised and recognised under national law, and where its primary purpose is to provide retirement benefits and it is exempted from the clearing obligation under that national law.

4(3a)

3a.Without being obliged to contract, clearing members and clients which provide clearing services, whether directly or indirectly, shall provide those services under fair, reasonable, non-discriminatory and transparent commercial terms. Such clearing members and clients shall take all reasonable measures to identify, prevent, manage and monitor conflicts of interest, in particular between the trading unit and the clearing unit, that may adversely affect the fair, reasonable, non-discriminatory and transparent provision of clearing services. Such measures shall also be taken where trading and clearing services are provided by different legal entities belonging to the same group.

The Commission is empowered to adopt delegated acts in accordance with Article 82 to supplement this Regulation by specifying the conditions under which the commercial terms referred to in the first subparagraph of this paragraph are to be considered to be fair, reasonable, non-discriminatory and transparent, based on the following:

Rest of the article unchanged · show