Recital 7

(7)Given the recent increase of in commodity prices and its effect on non-financial counterparties taking positions in OTC commodity derivative contracts, it is necessary to adjust the clearing threshold value for positions held by non-financial counterparties in OTC commodity derivatives as quickly as possible. In the light of the current energy crisis and inflation, ESMA shall assess the impact of the revised threshold and come forward with amendments if deemed necessary and appropriate. This Regulation should therefore enter into force as a matter of urgency,