Skip to main content



Search form

ESMA issues opinion on Spanish pension schemes to be excempt from central clearing under EMIR

25 January 2017

The European Securities and Markets Authority (ESMA) has today issued an opinion regarding the exemption of Spanish pension schemes 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. 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 Spanish pension schemes where the Comisión Nacional del Mercado de Valores (CNMV) is the competent authority for securities markets. After the exemptions are granted by the CNMV, ESMA will publish the list of the types of entities/ arrangements that have been exempted.