(1)Regulation (EU) No 648/2012 has been amended by Regulation (EU) 2019/834 of the European Parliament and of the Council 2 . Those amendments have, inter alia, introduced an obligation on clearing members and clients which provide clearing services, whether directly or indirectly, (‘clearing service providers’) to provide those services under fair, reasonable, non-discriminatory and transparent (‘FRANDT’) commercial terms. To provide legal certainty for clearing service providers and their prospective or existing clients, it is necessary to specify the conditions under which commercial terms are to be considered to be FRANDT.
Recital 1
Recital 1
- 2 Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirement for trade repositories ( OJ L 141, 28.5.2019, p. 42 ). ↩