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Implementing Decision (EU) 2016/377 · binding on its addressees · dated 15 Mar 2016 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"implementing_decision","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2016-03-15","entry_into_force":"2016-04-05","locators":{"document_date":"CELLAR 32016D0377 work_date_document","entry_into_force":"CELLAR 32016D0377 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/emir/level-2/implementing-acts/2016-377-equivalence-commodity-futures-trading-commission","path":"/emir/level-2/implementing-acts/2016-377-equivalence-commodity-futures-trading-commission","name":"Commission Implementing Decision (EU) 2016/377","number":"2016/377","celex":"32016D0377","title_official":"COMMISSION IMPLEMENTING DECISION (EU) 2016/377 of 15 March 2016 on the equivalence of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the Commodity Futures Trading Commission to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council","document_date":"2016-03-15"},"position":{"kind":"article","key":"2","index":2,"articles":3,"annexes":0},"prev":{"path":"/emir/level-2/implementing-acts/2016-377-equivalence-commodity-futures-trading-commission/articles/1","key":"1","title":"Article 1"},"next":{"path":"/emir/level-2/implementing-acts/2016-377-equivalence-commodity-futures-trading-commission/articles/3","key":"3","title":"Article 3"},"act_anchor":"#art-2"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/dec_impl/2016/377/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/emir/level-2/implementing-acts/2016-377-equivalence-commodity-futures-trading-commission.md","unit_text_sha256":"8bfec349a3e8b5274247f5ffe9c706616613ef17f5487ea78a556dddc5fff37c","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/emir/level-2/implementing-acts/2016-377-equivalence-commodity-futures-trading-commission/art-2","kind":"article","key":"2","heading":"Article 2","text":"## <a id=\"art-2\"></a>Article 2\n\n1. <a id=\"art-2-p-1\"></a>Derivative contracts referred to in paragraph 2 of Article 1 shall not include agricultural commodity derivative contracts which fulfil all of the following conditions:\n\n    <a id=\"art-2-p-1-a\"></a>**(a)** they are based on an underlying agricultural product referencing grades, prices, weights, measures or conversion factors for agricultural commodities and their products as published by the United States Department Of Agriculture and traded on a US-designated contract market pursuant to Section 5 of the Commodity Exchange Act (CEA), 7 USC 7, or are based on an underlying agricultural product of sugar, soybean oil, soybean meal, cocoa, coffee, or lumber and traded on a US-designated contract market pursuant to Section 5 of the Commodity Exchange Act (CEA), 7 USC 7;\n\n    <a id=\"art-2-p-1-b\"></a>**(b)** they are based on an underlying agricultural product that forms the basis of an agricultural commodity derivative contract offered for clearing by a derivatives clearing organization established in the USA;\n\n    <a id=\"art-2-p-1-c\"></a>**(c)** where they specify one or more places of production of the underlying agricultural product, none of those places of production is inside the Union;\n\n    <a id=\"art-2-p-1-d\"></a>**(d)** they meet any of the following conditions:\n\n    <a id=\"art-2-p-1-d-i\"></a>**(i)** they are physically settled and, except where they are based on an underlying agricultural product of coffee, all the places of delivery are outside the Union;\n\n    <a id=\"art-2-p-1-d-ii\"></a>**(ii)** they are cash settled and, except where they are based on an underlying agricultural product of coffee or sugar, the settlement amount is not based on prices for an underlying agricultural product for which at least one of the places of delivery is inside the Union.\n\n    The condition laid down in point (b) of the first subparagraph shall be deemed not to be fulfilled for a given agricultural commodity derivative contract where the majority of such contracts cleared by the derivatives clearing organization established in the USA are cleared for counterparties established in the Union and those contracts are also offered for clearing by a central counterparty authorised in the Union.\n\n2. <a id=\"art-2-p-2\"></a>Article 1(3) shall not apply to systemically important derivatives clearing organisations or opt-in derivatives clearing organisations which only clear the derivative contracts referred to in paragraph 1 of this Article.\n\n","marks":[],"text_hash":"8bfec349a3e8b5274247f5ffe9c706616613ef17f5487ea78a556dddc5fff37c","revision":1}}