September 18
2021
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Anjum Shabbir
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8th September 2021
Banking & Finance

Conditions for clearing service providers regarding OTC derivative contracts: Delegated Regulation published

The Commission Delegated Regulation (2021/1456) that specifies conditions under which commercial terms for clearing services for OTC derivatives are fair, reasonable, non-discriminatory and transparent (‘FRANDT’ commercial terms) has just been published.

It applies to clearing members and clients which provide clearing services in the EU (directly or indirectly) in relation to OTC derivative contracts that are subject to the clearing obligation pursuant to Article 4(1) of Regulation 648/2012.

As that latter provision has already entered into force and has applied from 18 June 2021, this measure should enter into force ‘as a matter of urgency’ whilst its application ‘should be deferred’ to 9 March 2022 so that providers have

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