Minimum remaining maturity
Article 4
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;
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.
Substituted by Corrigendum to Commission Delegated Regulation (EU) 2016/1178 of 10 June 2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on the clearing obligation (Official Journal of the European Union L 195 of 20 July 2016).