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Article 1 – Classes of OTC derivatives subject to the clearing obligation ⬅️ | ➡️ Article 3 – Dates from which the clearing obligation takes effect
Article 2 - 1.
For the purposes of Articles 3 and 4, the counterparties subject to the clearing obligation shall be divided in the following categories:
(a)
Category 1, comprising counterparties which, on the date of entry into force of this Regulation, are clearing members, within the meaning of 2012, for at least one of the classes of OTC derivatives set out in the Annex to this Regulation, of at least one of the CCPs authorised or recognised before that date to clear at least one of those classes;
(b)
Category 2, comprising counterparties not belonging to Category 1 which belong to a group whose aggregate month-end average of outstanding gross notional amount of non-centrally cleared derivatives for January, February and March 2016 is above EUR 8 billion and which are any of the following:
(i)
financial counterparties;
(ii)
alternative investment funds as defined in EU of the European Parliament and of the Council that are non-financial counterparties;
(c)
Category 3, comprising counterparties not belonging to Category 1 or Category 2 which are any of the following:
(i)
financial counterparties;
(ii)
alternative investment funds as defined in EU that are non-financial counterparties;
(d)
Category 4, comprising non-financial counterparties that do not belong to Category 1, Category 2 or Category 3.
2.
For the purposes of calculating the group aggregate month-end average of outstanding gross notional amount referred to in point (b) of paragraph 1, all of the group’s non-centrally cleared derivatives, including foreign exchange forwards, swaps and currency swaps, shall be included.
3.
Where counterparties are alternative investment funds as defined in EU or undertakings for collective investment in transferable securities as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council, the EUR 8 billion threshold referred to in point (b) of paragraph 1 of this Article shall apply individually at fund level.