ΣΥΓΧΡΟΝΕΣ ΕΝΕΡΓΕΙΑΚΕΣ ΑΓΟΡΕΣ

25 / 40

ņŋń¨Łŏņ ńŌńŐŃńňŁʼnņ ŁŃŎŐŁ
359
ū›ŷůŢ ŧŞŦ ū EMIR šŢũ ŢűŞŬ—ŷţŢůŞŦ ۛūŲŬŢŴůŦŧř. ņ Ű›ŞŠŴŠś ůūŰŭ ŮŢ
ŞŰůŷũ ůŢŨŢŜ ۛŷ ›ŬūŶ›ūťŚŮŢŦŭ. ńũšŢŦŧůŦŧŹŭ, ŠŦŞ ũŞ Ű›ŞŲťūŸũ ťŞ ›ŬŚ-
›ŢŦ ūŦ ŞũůŦŮۗşŞŨŨŷ—ŢũūŦ ŮůŦŭ ŮŲŢůŦŧŚŭ ŮۗşřŮŢŦŭ ũŞ ŢŜũŞŦ ŲŬŤ—ŞůūūŦ-
ŧūũū—ŦŧūŜ ŞũůŦŮۗşŞŨŨŷ—ŢũūŦ (řŬťŬ. 2 ›ŞŬ. 8 EMIR)592 ŮŸ—űŴũŞ —Ţ ůŞ
ůŦŮůŤŬŦŞŧŹũ ›ŞŬŞŠŹŠŴũ ŠŦŞ ůūŰŭ Ůŧū›ūŸŭ ŢűŞŬ—ūŠśŭ ůŤŭ Ŵŭ řũŴ šŦřůŞŪŤŭ
ůūŰ EMIR ›ŢŬŦŨŞ—şřũŢŦ ůŦŭ ŢŪśŭ ›ŢŬŦ›ůŹŮŢŦŭ ŮۗşřŮŢŴũ: «(a) Derivative con-
tracts traded on MTFs are OTC derivatives in the context of EMIR. (b) The
deÀnition explicitly refers to the place of execution (“a derivative contract
the execution of which does not take place on a regulated market”). The
characteristics that these contracts have in common with exchange traded
derivatives are therefore not relevant for the purpose of the deÀnition of
OTC derivatives. (c) Derivative contracts executed on non-EU exchanges that
are equivalent to a regulated market in accordance with Article 19(6) of
MiFID do not count for the purpose of the determination of the clearing
threshold. Derivatives traded in other non-EU exchanges will count for the
determination of the clearing threshold. Article 19(6) states that the Euro-
pean Commission shall publish a list of those exchanges that are to be con-
sidered as equivalent. To date, there is no publicly available list of non-EU
exchange equivalent to a regulated market, as envisaged under Article 19(6)
of MiFID. In the absence of this list, all derivative contracts executed on non–
EU exchanges should be counted for the purpose of the determination of the
clearing threshold. (d) Derivatives transactions, such as block trades, which
are executed outside the trading platform of the regulated market, but are
subject to the rules of the regulated market and are executed in compliance
with those rules, including the immediate processing by the regulated mar-
ket after execution and the clearing by a CCP, should not be regarded as OTC
derivatives transactions. Therefore, these transactions should not be con-
sidered for the purpose of the clearing obligation and the calculation of the
clearing threshold by NFC that only relates to OTC derivatives. Derivatives
transactions that do not meet the conditions listed in the Àrst paragraph of
this subanswer (d) should be considered OTC. For example, derivatives con-
tracts that are not executed on a regulated market and are not governed by
the rules of an exchange at the point of execution should be considered OTC
even if after execution they are exchanged for contracts traded in a regu-
lated market. However, the replacement contract itself may be considered
exchange traded if it meets the relevant conditions.».
592. ʼnŞůř ůŤũ ūŦŧŢŜŞ šŦřůŞŪŤ ůŤŭ ›ŞŬ. 8 ůūŰ řŬťŬūŰ 2 ůūŰ EMIR Ŵŭ ŲŬŤ—ŞůūūŦŧū-
ũū—ŦŧūŜ ŞũůŦŮۗşŞŨŨŷ—ŢũūŦ ūŬŜţūũůŞŦ ūŦ ޛŦŲŢŦŬśŮŢŦŭ ޛŢũšŸŮŢŴũ ›ūŰ ŚŲūŰũ
řšŢŦŞ ŨŢŦůūŰŬŠŜŞŭ ŮŸ—űŴũŞ —Ţ ůŤũ ūšŤŠŜŞ 2004/39/ńʼn, ›ŦŮůŴůŦŧř ŦšŬŸ—ŞůŞ
›ūŰ ŚŲūŰũ řšŢŦŞ ŨŢŦůūŰŬŠŜŞŭ ŮŸ—űŴũŞ —Ţ ůŤũ ūšŤŠŜŞ 2006/48/ńʼn, ŞŮűŞ-
ŨŦŮůŦŧŚŭ ޛŦŲŢŦŬśŮŢŦŭ ›ūŰ ŚŲūŰũ řšŢŦŞ ŨŢŦůūŰŬŠŜŞŭ ŮŸ—űŴũŞ —Ţ ůŤũ ūšŤŠŜŞ
73/239/ńŎʼn, ŞŮűŞŨŦŮůŦŧŚŭ ޛŦŲŢŦŬśŮŢŦŭ ›ūŰ ŚŲūŰũ řšŢŦŞ ŨŢŦůūŰŬŠŜŞŭ ŮŸ—űŴ-
ũŞ —Ţ ůŤũ ūšŤŠŜŞ 2002/83/ńʼn, ŞũůŞŮűŞŨŦŮůŦŧŚŭ ޛŦŲŢŦŬśŮŢŦŭ ›ūŰ ŚŲūŰũ řšŢŦŞ
ŨŢŦůūŰŬŠŜŞŭ ŮŸ—űŴũŞ —Ţ ůŤũ ūšŤŠŜŞ 2005/68/ńʼn, ŎőńʼnŁ ŧŞŦ, ŷ›ūŰ ›ŬūŮśŧŢŦ,
ūŦ šŦŞŲŢŦŬŦŮůŦŧŚŭ ŢůŞŦŬŜŢŭ ůūŰŭ ›ūŰ ŚŲūŰũ ŞšŢŦūšūůŤťŢŜ ŮŸ—űŴũŞ —Ţ ůŤũ ūšŤ-
ŠŜŞ 2009/65/ńʼn, ŦšŬŸ—ŞůŞ Ţ›ŞŠŠŢŨ—ŞůŦŧŹũ ŮŰũůŞŪŦūšūůŦŧŹũ ›ŞŬūŲŹũ, ŧŞůř
ůŤũ ŚũũūŦŞ ůūŰ řŬťŬūŰ 6 ŮůūŦŲŢŜū Ş) ůŤŭ ūšŤŠŜŞŭ 2003/41/ńʼn, ŧŞŦ ūŬŠŞũŦٗūŜ