The aim of this regime is to assist counterparties in accessing clearing, in particular those whose trading volume in derivatives is limited and that face difficulties in accessing clearing.

Clearing service providers are clearing members and clients, which provide direct or indirect clearing services. Pursuant to Article 1 of Regulation (EU) 2021/1456 this regulation applies to clearing service providers supplying direct or indirect clearing services within the European Union provided that those services are made available in relation to OTC derivative contracts that are subject to the clearing obligation to Article 4(1) EMIR and the counterparties of these contracts are subject of the obligation.

In terms of content, it should be distinguished between obligations to make public certain information and obligations of bilateral disclosure between the parties. Article 2 of Regulation (EU) 2021/1456 in conjunction with points 1 and 2 of the Annex to Regulation (EU) 2021/1456 lays down the obligations to publish a description of the on-boarding process and the provision of a form for a request for proposal on the clearing service provider’s website. In addition, commercial terms, risk control assessment, fees and pass-on costs as well as refusal of clearing orders, suspension, liquidation or close out of client positions and notice periods have to be disclosed bilateral (Article 2 of Regulation (EU) 2021/1456 in conjunction with points 3-7 of the Annex to Regulation (EU) 2021/1456).

Article 4 (3a) of Regulation (EU) 2021/1456 is applicable since 18.05.2021. The provisions of Regulation (EU) 2021/1456 are in force since 09.09.2021 and applicable from 09.03.2022.

In accordance with Article 3 of Regulation (EU) 2021/1456, arrangements concluded before entry into force of the regulation are subject to a transitional arrangement to review those conditions by 09.09.2022 and, where appropriate, to adapt them to the requirements of Regulation (EU) 2021/1456.

If you are of the view that a clearing service provider does not comply with these terms and conditions, you can contact BaFin via the mailbox FRANDT@bafin.de. Please note that BaFin may contact the relevant clearing service provider for further clarification of the facts and your anonymity cannot be maintained insofar as it concerns presumed breaches in the context of bilateral disclosures.