The Presidency now proposes to delete paragraph 4 from Article 7 and include a subparagraph 2a stating that: “In calculating the positions referred to in paragraph 2, derivative contracts entered into by a non-financial counterparty that are objectively measurable as reducing risks directly related to the commercial activity of that counterparty shall not be taken into account.”
The Belgian compromise text also adds under Article 7.3 that the Commission will have the power to determine the “criteria for establishing which derivative contracts are objectively measurable as reducing risks directly related to the commercial activity.”
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