HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 279/2
EN
Official Journal of the European Union
19.10.2013
REGULATIONS
COMMISSION DELEGATED REGULATION (EU) No 1002/2013
of 12 July 2013
amending Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC
derivatives, central counterparties and trade repositories with regard to the list of exempted entities
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
transactions with central banks across those jurisdictions
and contribute to greater international coherence and
consistency.
Having regard to the Treaty on the Functioning of the European
Union,
(4) The
exercise
of
monetary
responsibilities
and
the
management of sovereign debt have a combined
impact on the functioning of interest rate markets and
Having regard to Regulation (EU) No 648/2012 of the
should be coordinated to ensure that these two functions
European Parliament and of the Council of 4 July 2012 on
are performed efficiently. As Regulation (EU) No
OTC derivatives, central counterparties and trade repositories (
648/2012 excludes from its scope Union central banks

1 ),
and in particular Article 1(6) thereof,
and other Union public bodies managing debt so as not
to impede their ability to perform tasks of common
interest, the application of different rules to such
functions when they are exercised by third-country
Whereas:
entities would be detrimental to their effectiveness. In
order to ensure that third country central banks and
other public bodies charged with or intervening in the
management of the public debt continue to be in a
(1) The
Commission
has
assessed
the
international
treatment
position to perform their tasks adequately, third-
of public bodies charged with or intervening in the
country public bodies charged with or intervening in
management of public debt and central banks and
the management of the public debt should also be
presented its conclusions to the European Parliament
exempted from Regulation (EU) No 648/2012,
and the Council ( 2 ). In particular, the Commission has
conducted a comparative analysis of the treatment of
such public bodies and central banks in the legal
HAS ADOPTED THIS REGULATION:
orders of a significant number of third countries, as
well as of the risk-management standards applicable to
the derivative transactions entered into by those bodies
and by central banks in those jurisdictions.
Article 1
In Article 1(4) of Regulation (EU) No 648/2012, the following
point (c) is added:
(2) Following
this
analysis,
the
Commission
concluded
that
central banks and public bodies charged with or inter
vening in the management of public debt should be
‘(c) the central banks and public bodies charged with or
exempted from the clearing and reporting obligation
intervening in the management of the public debt in
applicable to over-the-counter (OTC) derivatives
the following countries:
pursuant to the rules on OTC derivatives introduced in
Japan and the United States of America.
(i) Japan;
(3) Adding
central
banks
and
public
bodies
charged
with
or
intervening in the management of the public debt from
(ii) United States of America.’.
Japan and from the United States of America to the list
of exempted entities referred to in Regulation (EU) No
648/2012 should promote neutral market conditions in
Article 2
the application of OTC derivatives reforms with regard to
This Regulation shall enter into force on the twentieth day
( 1 ) OJ L 201, 27.7.2012, p. 1.
following that of its publication in the Official Journal of the
( 2 ) COM(2013) 158 final.
European Union.

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EN
19.10.2013 Official
Journal
of
the
European
Union
L
279/3
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 12 July 2013.
For the Commission
The President
José Manuel BARROSO

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Document Outline

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