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  1. Point in time
    2024-12-18

Article 1

  1. (1)

    For the purposes of point (a) of Article 382(4) of Regulation (EU) No 575/2013, institutions shall consider as non-financial counterparties established in a third country, counterparties that meet both of the following conditions:

    1. (a)

      they are established in a third country;

    2. (b)

      they would qualify as a non-financial counterparty within the meaning of point (9) of Article 2 of Regulation (EU) No 648/2012 if they were established in the United Kingdom.

  2. (2)

    Institutions shall verify whether a counterparty is a non-financial counterparty established in a third country:

    1. (a)

      at trade inception when trading with a new counterparty;

    2. (b)

      on an annual basis for existing counterparties;

    3. (c)

      where there is reason to believe that the counterparty is no longer a non-financial counterparty established in a third country.

  3. (3)

    Institutions shall substantiate their opinion that an undertaking is a non-financial counterparty established in a third country.