Active Account Requirement

Counterparties that already clear 85% of the relevant derivatives contracts in a CCP authorised under Article 14 of EMIR, are not exempted from the representativeness obligation under Article 7a(3), point (d), of EMIR. In accordance with Article 7a(5) of EMIR, such counterparties are exempted from all of the following: • the operational requirements referred to in Article 7a(3), points (a), (b) and (c), of EMIR; • the stress-testing requirement referred to in Article 7a(4), fourth subparagraph, of EMIR; • the reporting requirements referred to in Article 7b of EMIR. Disclaimer in relation to the answers provided by the European Commission in accordance with Article 16b(5) of the ESMA Regulation The answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.