ESMA_QA_2779
16/02/2026
Subject Matter
AAR threshold calculation
    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

      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