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(Text with EEA relevance)","document_date":"2016-06-10"},"position":{"kind":"article","key":"2","index":2,"articles":5,"annexes":1},"prev":{"path":"/emir/level-2/rts/2016-1178-clearing-obligation/articles/1","key":"1","title":"Article 1 — Classes of OTC derivatives subject to the clearing obligation"},"next":{"path":"/emir/level-2/rts/2016-1178-clearing-obligation/articles/3","key":"3","title":"Article 3 — Dates from which the clearing obligation takes effect"},"act_anchor":"#art-2"}},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02016R1178-20230214","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/emir/level-2/rts/2016-1178-clearing-obligation.md","unit_text_sha256":"75eab4c745a2ca1606a30d6d8624a82189c0c4fddaa45e013c9bb7d3eb6061dd","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/emir/level-2/rts/2016-1178-clearing-obligation/art-2","kind":"article","key":"2","heading":"Article 2 — Categories of counterparties","text":"## <a id=\"art-2\"></a>Article 2 — Categories of counterparties\n\n1. <a id=\"art-2-p-1\"></a>For the purposes of Articles 3 and 4, the counterparties subject to the clearing obligation shall be divided in the following categories:\n\n    <a id=\"art-2-p-1-a\"></a>**(a)** Category 1, comprising counterparties which, on the date of entry into force of this Regulation, are clearing members, within the meaning of [Article 2(14)](../../articles/2.md) of Regulation (EU) No 648/2012, for at least one of the classes of OTC derivatives set out in Annex I of this Regulation or in Annex I of Commission Delegated Regulation (EU) 2015/2205, of at least one of the CCPs authorised or recognised before that date to clear at least one of those classes;\n\n    <a id=\"art-2-p-1-b\"></a>**(b)** Category 2, comprising counterparties not belonging to Category 1 which belong to a group whose aggregate month-end average of outstanding gross notional amount of non-centrally cleared derivatives for January, February and March 2016 is above EUR 8 billion and which are any of the following:\n\n    <a id=\"art-2-p-1-b-i\"></a>**(i)** financial counterparties;\n\n    <a id=\"art-2-p-1-b-ii\"></a>**(ii)** alternative investment funds as defined in Article 4(1)(a) of Directive 2011/61/EU of the European Parliament and of the Council that are non-financial counterparties;\n\n    <a id=\"art-2-p-1-c\"></a>**(c)** Category 3, comprising counterparties not belonging to Category 1 or Category 2 which are any of the following:\n\n    <a id=\"art-2-p-1-c-i\"></a>**(i)** financial counterparties;\n\n    <a id=\"art-2-p-1-c-ii\"></a>**(ii)** alternative investment funds as defined in Article 4(1)(a) of Directive 2011/61/EU that are non-financial counterparties;\n\n    <a id=\"art-2-p-1-d\"></a>**(d)** Category 4, comprising non-financial counterparties that do not belong to Category 1, Category 2 or Category 3.\n\n2. <a id=\"art-2-p-2\"></a>For the purposes of calculating the group aggregate month-end average of outstanding gross notional amount referred to in point (b) of paragraph 1, all of the group's non-centrally cleared derivatives, including foreign exchange forwards, swaps and currency swaps, shall be included.\n\n3. <a id=\"art-2-p-3\"></a>Where counterparties are alternative investment funds as defined in Article 4(1)(a) of Directive 2011/61/EU or undertakings for collective investment in transferable securities as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council, the EUR 8 billion threshold referred to in point (b) of paragraph 1 of this Article shall apply individually at fund level.\n\n","marks":[],"text_hash":"75eab4c745a2ca1606a30d6d8624a82189c0c4fddaa45e013c9bb7d3eb6061dd","revision":1}}