Delegated Regulation (EU) 2016/592 is amended as follows:
Article 3 is amended as follows:
in paragraph 2, first subparagraph, point (a) is replaced by the following:
30 June 2022 in case no equivalence decision has been adopted pursuant to Article 13(2) of Regulation (EU) No 648/2012 for the purposes of Article 4 of that Regulation covering the OTC derivative contracts set out in the Annex to this Regulation in respect of the relevant third country;’;
the following paragraph 3 is added:
‘3. By way of derogation from paragraphs 1 and 2, in respect of contracts pertaining to a class of OTC derivatives set out in the Annex, the clearing obligation shall take effect from 18 February 2022 where the following conditions are fulfilled:
the clearing obligation has not been triggered by 18 February 2021;
the contracts are novated for the sole purpose of replacing the counterparty established in the United Kingdom with a counterparty established in a Member State.’;
Article 4 is deleted.