56. The three-month period referred to in Article 9(1) EMIR, as amended by Regulation 2019/834, in which the authorities may disagree with the fulfilment of the above conditions, starts on the calendar day following receipt of the notification(s) by the relevant NCA(s).

57. The exemption should be valid from the date when the NCA(s) confirm(s) to the counterparty(ies) that the conditions to use the exemption are satisfied, or if no decision is notified by the NCA(s), it will be valid from the end of the three-month non-objection period. If the conditions, referred to in the third sub-paragraph of Article 9(1) EMIR, as amended by Regulation 2019/834, may be no longer fulfilled due to a change in the counterparties characteristics, the counterparties need to inform the relevant NCA(s). Without prejudice to the existing exemption, the NCA(s) can object to the use of the exemption if the conditions are no longer met. From the point in time at which the NCA objects to the use of the exemption the exemption will not be valid.

58. It should be noted that the counterparties should report derivatives during the three-month period unless the NCA(s) notify(ies) the counterparty(ies) that they agree upon fulfilment of the conditions before the three-month period expires.