What changed, Regulation (EU) No 648/2012

+ ### Article 13a — Amendments to legacy contracts for the purpose of the implementation of benchmark reforms
+ 
+ **1.** Counterparties may continue to apply the risk-management procedures referred to in Article 11(3) that they have in place on 13 February 2021 in respect of OTC derivative contracts which are not cleared by a CCP and that are entered into or novated before the date on which the obligation to ha…
− ### Article 13a — Replacement of interest rate benchmarks in legacy trades
+ **2.** Contracts which are entered into or novated before the date on which the clearing obligation takes effect pursuant to Article 4 and which, after 13 February 2021, are subsequently amended or novated for the sole purpose of replacing a reference benchmark or introducing a fallback provision in…
− **1.** Counterparties referred to in Article 11(3) may continue to apply the risk-management procedures that they have in place at the date of application of this Regulation in respect of non-centrally cleared OTC derivative contracts entered into or novated before the date on which the obligation t…
+ **3.** Paragraphs 1 and 2 shall apply only to OTC derivative contracts the amendment or novation of which:(a) is necessary for the purpose of replacing a benchmark in the context of benchmark reforms;(b) does not change the economic substance or risk factor represented by the reference to a benchmar…
− **2.** Transactions entered into or novated before the date on which the clearing obligation takes effect pursuant to Article 4 and which, after 11 February 2021, are subsequently novated for the sole purpose of replacing the interest rate benchmark they are referring to or of introducing fallback p…