(1) In relation to the clearing obligation, the relevant day referred to in regulation 82(3) is the earlier of -

(a) the day which is 2 months after the day on which an equivalence determination in relation to the third country in which the non-UK counterparty is established comes into force; or;

(b) in respect of any third country in which a non-UK counterparty is established, 31st December 2026.

(2) In relation to the risk-management obligation, the relevant day referred to in regulation 82(3) is the earlier of the day which is -

(a) 4 months after the date on which an equivalence determination in relation to the third country in which the non-UK counterparty is established comes into force; or;

(b) in respect of any third country in which a non-UK counterparty is established, 31st December 2026.