Article 5 — Representativeness obligation for interest rate OTC derivatives denominated in Polish zloty

1.Counterparties subject to the obligation set out in Article 7a(1) of Regulation (EU) No 648/2012, and clearing interest rate OTC derivatives denominated in Polish zloty, shall clear at least the required minimum number of trades as set forth in the fifth subparagraph of Article 7a(4) in Regulation (EU) No 648/2012 in the most relevant subcategory at an authorised CCP for each class of derivatives denominated in Polish zloty set out in Annex I to Commission Delegated Regulation (EU) 2016/1178.

2.For each class of derivatives referred to in paragraph 1, counterparties referred to in that paragraph shall identify the most relevant subcategory in which they clear most trades at a clearing service of substantial systemic importance pursuant to Article 25(2c) of Regulation (EU) No 648/2012. The most relevant subcategory shall be selected for each class of derivatives referred to in paragraph 1 among the subcategories set out respectively in Table 4 and Table 5 of Annex I to this Regulation, and over the reference period referred to in paragraph 3.

3.For interest rate derivatives denominated in Polish zloty, the reference period referred to in Article 7a(4), fifth subparagraph, first sentence of Regulation (EU) No 648/2012 shall be 12 months.

4.For the purposes of paragraphs 1 to 3, counterparties shall be able to demonstrate to the competent authority concerned that there are no systematic or material differences in average trade sizes and maturities between the derivatives cleared at an authorised CCP and derivatives cleared at a clearing service of substantial systemic importance.