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---
title: "ESMA Q&A 2936 — Q&A — AAR 85% exemption [Answer Published]"
shortTitle: "ESMA Q&A 2936 — Q&A — AAR 85% exemption [Answer Published]"
answer_id: ESMA_QA_2936
topic: "EU-CCPs"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "EMIR"
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legal_basis: "EMIR"
date: 8 October 2026
source_link: https://www.esma.europa.eu/publications-data/questions-answers/2936
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 8 October 2026"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/2936"
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---

**Answer by ESMA, published in its Q&A tool · not legislation · published 8 Oct 2026 [Answer Published]**

*Answer Published · ESMA Q&A register, 8 October 2026 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2936)*

| | |
|---|---|
| **Full title** | ESMA Q&A 2936 — Q&A — AAR 85% exemption \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_2936 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 8 October 2026; question submitted 8 October 2026 |
| **Legal basis** | EMIR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**AAR 85% exemption**

### Question

Should the “one-half” rule set-out under Article 7a(4), subparagraph 5 of EMIR be applied at the level of the classes of derivatives, or across all classes of derivatives?

***

### Answer

ESMA Q&A 2518, prepared by the European Commission, provides further details on how the calculation of the exemption under Article 7a(4) fifth subparagraph, should be assessed.

The Q&A does not explicitly provide for the calculation to be performed at class level. In particular, the reference in the Q&A to “all subcategories taken together”, without specifically mentioning that it would be at “class level”, should be read as indicating that the condition set out in the fifth subparagraph of Article 7a(4) of EMIR should be assessed on an aggregated basis, all classes combined.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2936)