(1) This regulation applies to an OTC derivative contract -

(a) where one of the counterparties is a UK counterparty;

(b) where the other counterparty is neither a UK counterparty nor established in a member State; and

(c) which immediately before exit day was exempt from -

(i) the clearing obligation by virtue of -

(aa) paragraph 2 of Article 3 of Regulation 2015/2205 as it had effect immediately before 21 December 2020;

(bb) paragraph 2 of Article 3 of Regulation 2016/592 as it had effect immediately before 21 December 2020; or

(cc) paragraph 2 of Article 3 of Regulation 2016/1178 as it had effect immediately before 21 December 2020;

(ii) [deleted]

(2) This regulation also applies to an OTC derivative contract -