ESMA Guidelines and Recommendations

ESMA issues opinion on Danish pension scheme to be exempt from central clearing under EMIR

ESMA Guidelines and Recommendations

Date: 12 September 2016

On 3 August 2016, the European Securities and Markets Authority (ESMA) issued an opinion regarding the exemption of a Danish pension scheme from the obligation to centrally clear OTC derivative contracts under the European Market Infrastructure Regulation (EMIR).

Pension scheme arrangements meeting certain criteria were granted a transitional exemption from the clearing obligation under EMIR. Some pensions schemes have to ask their national competent authority to be exempted from the clearing obligation. Before deciding on an exemption, the relevant competent authority needs to obtain the opinion of ESMA which also needs to consult the European Insurance and Occupational Pensions Authority (EIOPA).

Today’s document published by ESMA contains an opinion on one pension scheme where Finanstilsynet is the competent authority for securities markets. After the exemptions are granted by Finanstilsynet, ESMA will publish the list of the types of entities/ arrangements that have been exempted.