ESMA · ESMA_QA_2779 Answer Published
AAR threshold calculation
- Regulation
- Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs
- Article
- Article 7a
- Topic
- EU-CCPs
- Submitted
- 2026-02-16
- Answered
- 2026-02-27
Question
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?
Answer
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 Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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