Recital 9

(9)Article 4(3a) of Regulation (EU) No 648/2012 has already entered into force and applies from 18 June 2021. To ensure legal certainty as to the conditions under which commercial terms are to be considered to be FRANDT, this Regulation should enter into force as a matter of urgency. However, to give clearing service providers sufficient time to prepare for the application of this Regulation, its application should be deferred,