50. In accordance with Article 9(1) EMIR, as amended by Regulation 2019/834 counterparties can benefit from an intragroup (IGT) exemption from reporting for the derivative contracts within the same group where at least one of the counterparties is a non-financial counterparty or would be qualified as a nonfinancial counterparty if it were established in the Union and when the following conditions are met: "(a) both counterparties are included in the same consolidation on a full basis; (b) both counterparties are subject to appropriate centralised risk evaluation, measurement and control procedures; and (c) the parent undertaking is not a financial counterparty".

51. It should be noted that it is not necessary for the Commission to have adopted an implementing act (equivalence decision) under Article 13(2) EMIR in order for the reporting exemption under the third-sub-paragraph of Article 9(1) to apply to derivatives entered into between a counterparty established in the Union and a counterparty established in a third country which would be an NFC if it were established in the Union.

52. A derivative contract between a Financial Counterparty (FC) and non-financial counterparty (NFC) where: