
Article 1 
In Article 37 of Delegated Regulation (EU) 2016/2251, the following paragraphs 3 and 4 are added:
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3. By way of derogation from paragraph 1, where the conditions of paragraph 4 of this Article are met, Articles 9(1), 10 and 12 shall apply as follows:
(a) 3 years after the date of entry into force of this Regulation where no equivalence decision has been adopted pursuant to Article 13(2) of Regulation (EU) No 648/2012 for the purposes of Article 11(3) of that Regulation in respect of the relevant third country;
(b) the later of the following dates where an equivalence decision has been adopted pursuant to Article 13(2) of Regulation (EU) No 648/2012 for the purposes of Article 11(3) of that Regulation in respect of the relevant third country:
((i)) four months after the date of entry into force of the decision adopted pursuant to Article 13(2) of Regulation (EU) No 648/2012 for the purposes of Article 11(3) of that Regulation in respect of the relevant third country;
((ii)) the applicable date determined pursuant to paragraph 1.
4. The derogation referred to in paragraph 3 shall only apply where counterparties to a non-centrally cleared OTC derivative contract meet all of the following conditions:
(a) one counterparty is established in a third country and the other counterparty is established in the Union;
(b) the counterparty established in a third country is either a financial counterparty or a non-financial counterparty;
(c) the counterparty established in the Union is one of the following:
((i)) a financial counterparty, a non-financial counterparty, a financial holding company, a financial institution or an ancillary services undertaking subject to appropriate prudential requirements and the third country counterparty referred to in point (a) is a financial counterparty;
((ii)) either a financial counterparty or a non-financial counterparty and the third country counterparty referred to in point (a) is a non-financial counterparty;
(d) both counterparties are included in the same consolidation on a full basis in accordance to Article 3(3) of Regulation (EU) No 648/2012;
(e) both counterparties are subject to appropriate centralised risk evaluation, measurement and control procedures;
(f) the requirements of Chapter III are met.'.
Article 2 
This Regulation shall enter into force on the day of its publication in the Official Journal of the European Union.
It shall apply from 4 January 2017.
This Regulation shall be binding in its entirety and directly applicable in all Member States.Done at Brussels, 20 January 2017.
For the Commission
The President
Jean-Claude JUNCKER