Extension of the deferred date of application for the clearing obligation and of the bilateral margin requirements for OTC derivative contracts that are not cleared by a central counterparty related to counterparties which are part of the same group

On 13 February 2023, two delegated acts were published on the Official Journal of the European Union, namely:

• Commission Delegated Regulation (EU) 2023/315 of 25 October 2022 amending the regulatory technical standards laid down in Delegated Regulations (EU) 2015/2205, (EU) No 2016/592 and (EU) 2016/1178 as regards the date at which the clearing obligation takes effect for certain types of contracts (Text with EEA relevance)
• Commission Delegated Regulation (EU) 2023/314 of 25 October 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2016/2251 as regards the date of application of certain risk management procedures for the exchange of collateral (Text with EEA relevance)

These amendments entered into force on 14 February 2023, postponing the application of both the clearing obligation and the bilateral margin requirements to 25 June 2025.

These amendments may be impactful for certain intra-group transactions between Irish counterparties and other entities in the same group, established in countries where no equivalence decision has been adopted pursuant to Article 13(2) of EMIR.