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# ESMA Q\&A 2779 — Q\&A — AAR threshold calculation \[Answer Published]

*Answer Published · ESMA publication · Checked against the ESMA publication on 11 Oct 2026 ·* [*Official source*](https://www.esma.europa.eu/publications-data/questions-answers/2779)

|                         |                                                                       |
| ----------------------- | --------------------------------------------------------------------- |
| **Full title**          | ESMA Q\&A 2779 — Q\&A — AAR threshold calculation \[Answer Published] |
| **Issuer**              | ESMA                                                                  |
| **Reference**           | ESMA\_QA\_2779                                                        |
| **Document type**       | Q\&A                                                                  |
| **Date**                | published 16/02/2026; answer 27-02-2026                               |
| **Addressees**          | Not recorded                                                          |
| **Legal basis**         | Article 7a                                                            |
| **Related instruments** | None recorded                                                         |
| **Text on this page**   | Word for word — the full text of the ESMA publication                 |

**AAR threshold calculation**

#### Question

In calculating the second AAR condition under Article 7a(1) of EMIR, should only cleared interest rate derivatives be included, or both cleared and uncleared?

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#### Answer

In accordance with Article 7a(2) of EMIR, for the purpose of calculating the second condition under Article 7a(1), a counterparty belonging to a group subject to consolidated supervision in the Union shall only consider derivatives contracts cleared by that counterparty or by other entities within the group, with the exception of intragroup transactions.

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