Art. 13a
European Market Infrastructure Regulation · 32012R0648 · every event for this act · on EUR-Lex
3 changes recorded across 3 events, newest first.
in force 2022-08-12 INSERTED±0§
Amended by Regulation (EU) 2021/23 32021R0023
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
in force 2021-02-13 MODIFIED§
Amended by Regulation (EU) 2021/168 32021R0168
applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)
dates added to the text: 2021-02-13 · dates removed: 2021-02-11
The heading changes from a narrower reference to replacing interest rate benchmarks in legacy trades to a broader heading covering amendments to legacy contracts for the implementation of benchmark reforms.
The dates used as reference points in paragraphs 1 and 2 change from 11 February 2021 to 13 February 2021, and the scope of covered transactions widens from novations of non-centrally cleared OTC derivative contracts and transactions referring to interest rate benchmarks to amendments or novations of OTC derivative contracts not cleared by a CCP referring to any benchmark.
A new paragraph 3 is added listing three conditions that must be met for paragraphs 1 and 2 to apply, concerning necessity for benchmark replacement, preservation of economic substance or risk factor, and exclusion of unrelated contractual changes.
Cited: Art. 13a, v1 · Art. 13a, v2
text before / after, on the event page →
in force 2021-02-11 INSERTED§
Amended by Regulation (EU) 2021/23 32021R0023
applies from: unknown (an inserted provision states its own application date only in prose)
A new Article 13a is added, setting out that counterparties may keep applying their existing risk-management procedures for certain non-centrally cleared OTC derivative contracts even where those contracts are novated after 11 February 2021 solely to replace an interest rate benchmark or to add fallback provisions relating to it.
It also provides that transactions entered into or novated before the clearing obligation under Article 4 took effect, and later novated after 11 February 2021 for that same sole purpose of replacing an interest rate benchmark or adding fallback provisions, do not thereby become subject to that clearing obligation.
Cited: Art. 13a, v2
text before / after, on the event page →