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Delegated Regulation (EU) 2016/2251 · binding · OJ L 340, 15.12.2016 · dated 4 Oct 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":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2016-10-04","entry_into_force":"2017-01-04","locators":{"document_date":"CELLAR 32016R2251 work_date_document","entry_into_force":"CELLAR 32016R2251 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/emir/level-2/rts/2016-2251-risk-mitigation-techniques-for-otc-derivative-contracts","path":"/emir/level-2/rts/2016-2251-risk-mitigation-techniques-for-otc-derivative-contracts","name":"Commission Delegated Regulation (EU) 2016/2251","number":"2016/2251","celex":"32016R2251","title_official":"COMMISSION DELEGATED REGULATION (EU) 2016/2251 of 4 October 2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories with regard to regulatory technical standards for risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty (Text with EEA relevance)","document_date":"2016-10-04"},"position":{"kind":"article","key":"30a","index":31,"articles":42,"annexes":4},"prev":{"path":"/emir/level-2/rts/2016-2251-risk-mitigation-techniques-for-otc-derivative-contracts/articles/30","key":"30","title":"Article 30 — Treatment of derivatives associated to covered bonds for hedging purposes"},"next":{"path":"/emir/level-2/rts/2016-2251-risk-mitigation-techniques-for-otc-derivative-contracts/articles/31","key":"31","title":"Article 31 — Treatment of derivatives with counterparties in third countries where legal enforceability of netting agreements or collateral protection cannot be ensured"},"act_anchor":"#art-30a"}},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02016R2251-20230214","check":{"result":"matched","checked_at":"2026-10-20","against":"EUR-Lex"},"repo_path":"spaces/emir/level-2/rts/2016-2251-risk-mitigation-techniques-for-otc-derivative-contracts.md","unit_text_sha256":"c03f51c2da6db72fc07d030b9aa7666c31beb8c0734ded2e989f4d6597336512","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/emir/level-2/rts/2016-2251-risk-mitigation-techniques-for-otc-derivative-contracts/art-30a","kind":"article","key":"30a","heading":"Article 30a — Treatment of derivatives in connection with securitisations for hedging purposes","text":"## <a id=\"art-30a\"></a>Article 30a — Treatment of derivatives in connection with securitisations for hedging purposes\n\n1. <a id=\"art-30a-p-1\"></a>By way of derogation from Article 2(2) and where the conditions set out in paragraph 2 of this Article are met, counterparties may provide in their risk management procedures the following in connection with OTC derivatives contracts that are concluded by a securitisation special purpose entity in connection with a securitisation as defined in point (1) of Article 2 of Regulation (EU) 2017/2402 of the European Parliament and of the Council and meeting the conditions of [Article 4(5)](../../articles/4.md) of Regulation (EU) No 648/2012:\n\n    <a id=\"art-30a-p-1-a\"></a>**(a)** that variation margin is not posted by the securitisation special purpose entity but is collected from its counterparty in cash and returned to its counterparty when due;\n\n    <a id=\"art-30a-p-1-b\"></a>**(b)** that initial margin is not posted or collected.\n\n2. <a id=\"art-30a-p-2\"></a>Paragraph 1 shall apply where all of the following conditions are met:\n\n    <a id=\"art-30a-p-2-a\"></a>**(a)** the counterparty to the OTC derivative concluded with the securitisation special purpose entity in connection with the securitisation ranks at least pari passu with the holders of the most senior securitisation note, provided that counterparty is neither the defaulting nor the affected party;\n\n    <a id=\"art-30a-p-2-b\"></a>**(b)** the securitisation special purpose entity for the securitisation to which the OTC derivatives contract is associated is subject to a level of credit enhancement of the most senior securitisation note of at least 2 % of the outstanding notes on an ongoing basis;\n\n    <a id=\"art-30a-p-2-c\"></a>**(c)** the netting set does not include OTC derivative contracts unrelated to the securitisation.\n\n","marks":[],"text_hash":"c03f51c2da6db72fc07d030b9aa7666c31beb8c0734ded2e989f4d6597336512","revision":1}}