Regulation(EU) No 648/2012 is amended as follows:
(1) Article 3 is replaced by the following:
'Article 3 Intragroup transactions
1. In relation to a non-financial counterparty, an intragroup transaction shall be an OTC derivative contract entered into with another counterparty which is part of the same group provided that both counterparties are included in the same consolidation on a full basis and they are subject to an appropriate centralised risk evaluation, measurement and control procedures and that counterparty is established in the Union or, if it is established in a third country that third country is not listed pursuant to paragraphs 4 and 5.
2. In relation to a financial counterparty, an intragroup transaction shall be any of the following:
(a) an OTC derivative contract entered into with another counterparty which is part of the same group, provided that all of the following conditions are met:
(a) the financial counterparty is established in the Union or, if it is establis
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