ESMA_QA_2779
16/02/2026
Subject Matter
AAR threshold calculation
Original 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?
ESMA Answer
27-02-2026
Original language
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.
Status: Answer Published
Additional Information
Level 1 Regulation
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs
Additional Legal Reference
Article 7a
Topic
EU-CCPs