Transitional provision relating to Directive 2014/65/EU on markets in financial instruments

(1) C.6 energy derivative contracts entered into by a non-financial counterparty within the meaning of Article 10(1) of Regulation (EU) No 648/2012, or by non-financial counterparties that were first authorised as investment services undertakings after 3 January 2018, are, until 3 January 2021, subject neither to the clearing obligation under Article 4 of Regulation (EU) No 648/2012 nor to the risk-mitigation techniques under Article 11(3) of the aforementioned Regulation.
(2) Until 3 January 2021, C.6 energy derivative contracts are not regarded as OTC derivative contracts for the purposes of the clearing threshold under Article 10(1) of Regulation (EU) No 648/2012.
(3) C.6 energy derivative contracts are subject to all other requirements of Regulation (EU) No 648/2012.
(4) For the purposes of this provision, a C.6 energy derivative contract means an option, a futures contract, a swap, or any other derivative contract referred to in Annex I, Section C, point 6, of Directive 2014/65/EU, as amended from time to time, relating to coal or oil, that must be traded on an organised trading facility and must be physically settled.
(5) The exemptions under subsections (1) and (2) must be applied for from the Bundesanstalt. The Bundesanstalt informs the European Securities and Markets Authority for which C.6 energy derivative contracts exemptions have been granted under subsections (1) and (2).