Recital 1

(1)Article 7b of Regulation (EU) No 648/2012 requires that counterparties that are to hold an active account pursuant to Article 7a of that Regulation report every six months to their competent authorities the information necessary to assess whether those counterparties comply with the obligations laid down in that Article 7a. Those obligations are, inter alia, laid down in Article 7a(3), points (a) to (d), of that Regulation. The obligations laid down in Article 7a(3), points (a), (b) and (c) are of an operational nature, whereas the obligation laid down in Article 7a(3), points (d), requires that trades that are cleared in the active account are representative of interest rate derivative contracts that are denominated in euro or Polish zloty or short-term interest rate derivatives that are denominated in euro and that are cleared at a clearing service of substantial systemic importance.