S.L. 345.17 Art. 14Transitional Provisions.

(1) Until 3 July 2020:

(a) the clearing obligation set out in Article 4 of the EMIR

Regulation and the risk mitigation techniques set out in Article 11(3) thereof shall not apply to C6 energy derivative contracts entered into by non-financial counterparties that meet the conditions in Article 10(1) of the EMIR Regulation or by non-financial counterparties that shall be authorised for the first time as investment firms as from 3 January 2017; and

(b) such C6 energy derivative contracts shall not be considered to be OTC derivative contracts for the purposes of the clearing threshold set out in Article 10 of the EMIR Regulation: Provided that C6 energy derivative contracts benefiting from the transitional regime set out in the first sub-paragraph shall be subject to all other requirements laid down in the EMIR Regulation.

(2) The exemption referred to in sub-regulation (1) shall be granted by the competent authority. The competent authority shall notify ESMA of the C6 energy derivative contracts which have been granted an exemption in accordance with sub-regulation (1).".