Recital 1

(1)Article 28 of Regulation (EU) No 600/2014 requires financial counterparties and non-financial counterparties that are subject to the clearing obligation under Title II of Regulation (EU) No 648/2012 of the European Parliament and of the Council ² to conclude transactions with other such financial counterparties or other such non-financial counterparties in derivatives pertaining to a class of derivative that has been declared subject to the trading obligation in accordance with Article 32 of Regulation (EU) No 600/2014 only on regulated markets, multilateral trading facilities (MTFs), organised trading facilities (OTFs), or third-country trading venues recognised as equivalent under Article 28 of Regulation (EU) No 600/2014 (the ‘derivative trading obligation’). It follows that the derivative trading obligation prohibits those counterparties from concluding transactions in those derivatives on a third-country trading venue that is not recognised as equivalent under Article 28 of Regulation (EU) No 600/2014. Regulation (EU) 2024/791 of the European Parliament and of the Council ³ amended Regulation (EU) No 600/2014 by, inter alia, introducing a new Article 32a, which allows the Commission to suspend, by way of an implementing act, the derivative trading obligation with respect to certain financial counterparties, upon the request of a competent authority of a Member State, and provided that the conditions set out in that Article are met.