Recital 2

(2)The obligation to have the pro forma models referred to in Article 11(3), fourth subparagraph, of Regulation (EU) No 648/2012 validated by the EBA was introduced by Regulation (EU) 2024/2987 of the European Parliament and of the Council ² . However, some of the counterparties that have entered into OTC derivative contracts that have not been cleared by a CCP, have been using pro forma models prior to the entry into force of that Regulation. It is therefore appropriate to devise a specific methodology for the calculation of fees due for the validation of those pro forma models.