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The Commission has adopted a Delegated Regulation specifying the conditions under which commercial terms for clearing services for over-the-counter (‘OTC’) derivatives are to be considered to be fair, reasonable, non-discriminatory and transparent (‘FRANDT’). To facilitate access to clearing for clients, especially those that have a limited volume of activity in the OTC derivatives market, clearing members and clients which provide clearing services (‘clearing service providers’) must provide those services on FRANDT terms provided for in Article 4(3a) of the EMIR Regulation (EU) No 648/2012.

Today’s Delegated Regulation specifies the conditions under which commercial terms for clearing services for OTC derivatives are to be considered to be FRANDT. The Delegated Regulation will increase transparency of the on-boarding process and of prices and other commercial terms on offer. It will ensure that commercial terms are related to costs and risks, that prices, fees and discounts are based on objective criteria and that fees passing on costs to clients are transparent. It will increase transparency of commercial terms in general, and of conditions for acceptance of clearing orders, the suspension of clearing services and close-out of client positions specifically. It will ensure that notice periods for the termination of clearing services or material changes to commercial terms are fair and give clients sufficient time to find another clearing service provider, if necessary.

The Delegated Regulation adopted today will now be subject to the scrutiny of the European Parliament and of the Council. The Delegated Regulation will start to apply six months from its entry into force in relation to new clients. Commercial terms in contracts with existing clients will have to be brought in line with the requirements laid down in the Delegated Regulation within 12 months from its entry into force.