Article 4U.K.Minimum remaining maturity

1.For financial counterparties in Category 1, the minimum remaining maturity referred to in point (ii) of Article 4(1)(b) of Regulation (EU) No 648/2012, at the date the clearing obligation takes effect, shall be:

(a)15 years for contracts entered into or novated before 9 October 2016 that belong to the classes in Table 1 set out in Annex I;

(b)3 years for contracts entered into or novated before 9 October 2016 that belong to the classes in Table 2 set out in Annex I;

(c)6 months for contracts entered into or novated on or after 9 October 2016 that belong to the classes in Table 1 or Table 2 set out in Annex I.

2.For financial counterparties in Category 2, the minimum remaining maturity referred to in point (ii) of Article 4(1)(b) of Regulation (EU) No 648/2012, at the date the clearing obligation takes effect, shall be:

(a)15 years for contracts entered into or novated before 9 October 2016 that belong to the classes in Table 1 set out in Annex I;

[X1(b) 3 years for contracts entered into or novated before 9 October 2016 that belong to the classes in Table 2 set out in Annex I;]

(c)6 months for contracts entered into or novated on or after 9 October 2016 that belong to the classes in Table 1 or Table 2 set out in Annex I.

3.For financial counterparties in Category 3 and for transactions referred to in Article 3(2) of this Regulation concluded between financial counterparties, the minimum remaining maturity referred to in point (ii) of Article 4(1)(b) of Regulation (EU) No 648/2012, at the date the clearing obligation takes effect, shall be:

(a)15 years for contracts that belong to the classes in Table 1 set out in Annex I;

(b)3 years for contracts that belong to the classes in Table 2 set out in Annex I.

4.Where a contract is concluded between two financial counterparties belonging to different categories or between two financial counterparties involved in transactions referred to in Article 3(2), the minimum remaining maturity to be taken into account for the purposes of this Article shall be the longer remaining maturity applicable.

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