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News: ESMA issues clarifications on the clearing obligation for pension scheme arrangements

03 July 2018 | ESMA Feed
 

Bill: A long document, the gist of which is this: ESMA says, will the NCAs please not take any action to make Pension schemes clear their trades until the European rule making process completes the 'EMIR 2' / REFIT programme of work.


ESMA issues clarifications on the clearing obligation for pension scheme arrangements

Tuesday 03 July 2018 11:22

The European Securities and Markets Authority (ESMA) has issued today a statement on the clearing obligation for pension scheme arrangements (PSAs), with the objective to avoid, to the extent possible, disruption to certain PSAs who may face potential challenges clearing their OTC derivative contracts on 17 August 2018, when the current, and final, exemption from the clearing obligation under EMIR expires.  

EMIR introduced a temporary exemption for PSAs from the clearing obligation to allow time for a suitable technical solution for the transfer of non-cash collateral as variation margins to be developed by CCPs. With the two possible extensions already granted, there is no possibility to further...

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