Where a CCP meets the conditions of Article 22 of Regulation (EU) 2021/23, the CCP’s resolution authority or the competent authority supervising a clearing member may request that the Commission suspend the clearing obligation for specified classes of OTC derivatives or for a specific type of counterparty. The request must be accompanied by evidence that the CCP is authorised to clear those classes and that suspension is necessary and proportionate to avoid or address a serious threat to financial stability or the orderly functioning of markets. The requesting authority must notify ESMA and the ESRB; ESMA shall, within 24 hours and, where possible after consulting the ESRB, issue an opinion considering necessity, the resolution objectives (Article 21 of Regulation 2021/23) and the Article 5(4) and (5) criteria. ESMA may also request suspension of the trading obligation if the change is material. Requests and ESMA opinions are not made public.

The Commission shall, without undue delay and on the basis of the reasons and evidence provided, either suspend the clearing obligation by implementing act or reject the request, taking into account ESMA’s opinion, the resolution objectives and the Article 5 criteria; rejections must be notified in writing to the requester and ESMA and the European Parliament and the Council informed, but such information is not public. A suspension shall be communicated to the requester and ESMA and published in the Official Journal, on the Commission’s website and in the public register. Initial suspensions are valid for up to three months and may be extended in successive periods of up to three months to a maximum total of 12 months; extension requests must be supported by evidence, notified to ESMA and the ESRB, and are subject to an ESMA opinion which is sent to Parliament and Council and not made public.