ESMA_QA_2779

Status: ✅ Answer Published

---

Regulatory Context

Level 1 Regulation: Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs

Topic: EU-CCPs

Subject Matter: AAR threshold calculation

---

Question

Submission Date: 16-02-2026

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?

---

ESMA Answer

Answer Date: 27-02-2026

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.

---

This document was automatically extracted from the ESMA EMIR Q&A database.