Article 31aTreatment of physically settled foreign exchange forwards and physically settled foreign exchange swaps#
By way of derogation from Article 2(2), counterparties may provide in their risk management procedures that variation margins are not required to be posted or collected for physically settled foreign exchange forward contracts and physically settled foreign exchange swap contracts where one of the counterparties is not an institution as defined in Article 4(1), point (3), of Regulation (EU) No 575/2013 of the European Parliament and of the Councilnote or would not qualify as such an institution if it were established in the Union.
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