1. The FCA may make technical standards to specify the following:
(a) which of the class of derivatives declared subject to the clearing obligation in accordance with Article 5(2) and (4) of Regulation (EU) No 648/2012 or a relevant subset thereof shall be traded on the venues referred to in Article 28(1) of this Regulation;
(b) the date or dates from which the trading obligation takes effect, including any phase-in and the categories of counterparties to which the obligation applies where such phase-in and such categories of counterparties have been provided for in technical standards in accordance with Article 5(2)(b) of Regulation (EU) No 648/2012.
2. In order for the trading obligation to take effect:
(a) the class of derivatives pursuant to paragraph 1(a) or a relevant subset thereof must be admitted to trading or traded on at least one trading venue as referred to in Article 28(1), and
(b) there must be sufficient third-party buying and selling interest in the class of derivative
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